#Bitcoin News
Bitcoin fell below $108,000 as traders reduced risk exposure ahead of an upcoming summit between U.S. and Chinese leadership scheduled for later this month. The cryptocurrency declined 2.6% over 24 hours to $107,854 as of 5:40 a.m. UTC Tuesday, according to pricing data.
Jeff Mei, Chief Operating Officer at BTSE, attributed the volatility to macro concerns driving daily market movements. He stated that fluctuations will persist as long as trade tensions between major economies remain unresolved.
The scheduled diplomatic meeting in South Korea at month's end prompted traders to derisk their positions, Mei explained. While an agreement between the parties could trigger a market rally, the likelihood of tensions completely disappearing remains low, he added.
Major altcoins experienced similar downward pressure from macro headwinds. $ETH slipped 4.77% to $3,855, and Solana lost 4.26% during the same period.
Spot crypto ETFs reflected the broader market weakness with combined outflows on Monday. Bitcoin ETFs saw $40.5 million exit, while $ETH ETFs registered $145.7 million in withdrawals, based on SoSoValue data. The previous week saw Bitcoin ETFs record their second-largest net weekly outflows totaling $1.23 billion.
The Fear and Greed Index currently stands at 29, indicating fear among market participants. Both retail and institutional metrics show unfavorable readings as uncertainty weighs on investor sentiment.
