🚨 Crypto Market Update: Sharp Sell-Off Hits 💲2.64T❗
The crypto market fell 6.25% in the last 24 hours, dropping to $2.64 trillion.
What’s driving the crash?
🔴 Primary trigger
Persistent spot ETF outflows
Hawkish signals from the Fed
Result: $1.6B+ in leveraged long positions liquidated in 24h
The market is showing a 76% correlation with the S&P 500, confirming this move is macro-driven and rate-sensitive, not crypto-specific.
🟠 Secondary pressures
Ethereum is down 18.7% weekly, underperforming the market
Layer 1 sector weakness spread negative sentiment across altcoins
Fear & Greed Index: 26 (Fear) → panic selling accelerated
Short-term outlook 📉
Key support: $2.42T (yearly low)
If lost → next target: $2.3–$2.4T range
Recovery depends on:
Clarity around the Fed chair nomination (early February)
ETF flows turning positive again
What to watch 👀
Daily ETF inflow/outflow data
Any macro relief or dovish shift from the Fed
Reclaiming the 7D EMA (~$2.87T) for short-term relief
Bottom line
Bearish pressure remains dominant.
Institutional selling + macro uncertainty + liquidations have pushed the market into defense mode.
The key question now:
👉 Can the crypto market defend the $2.42T support before the next macro catalyst?
Stay cautious. Risk management matters more than ever. 🚨📊