The key tokens fell 5% on Thursday as traders earned a steady move from the beginning of this week, with MemeCoin Dogecoin (Doge) causing major losses among its biggest assets.
Bitcoin (BTC) has stuck in the $93,000 zone in the last 24 hours, while XRP, Solana’s Sol, BNB and Doge have lost more than 2%. Ether (ETH) has improved relatively well at a 1.5% slump.
Overall market capitalization fell 2.5%. Broad-based Coindesk 20, a liquid index that tracks the largest token by market capitalization, exceeded 3%.
The US Bitcoin Exchange Trade Fund (ETF) won over $916 million inflows on Wednesday. Some traders have pointed to safe havens with growing assets as a catalyst to support this surge in flow.
“The inflow is driven by a decline in the US dollar index and a secure stay-at-home appeal of Bitcoin amid the volatility of the equity market,” Bitet’s COO Vugar Usi Zade told Coindesk in an email. “The massive ETF inflow reflects Bitcoin’s position as a major crypto asset, and institutional adoption is growing.
“The correlation between stocks and safe haven stories has decreased, and it is positioned as a diversification tool, but short-term challenges like weak investment signals require sustained macrocatalysts.”
Bitcoin’s Safe Haven story has grown over the past week in its associated resilience, even if bond yields and US stocks are revised amid the ongoing tariff war, reflecting the rise in gold prices.
Earlier this week, President Donald Trump said he had no intention of firing Federal Reserve Chairman Powell, and that his contract with China (which faces 245% higher tariffs on some items) would significantly reduce some of that tax.
However, mixed signals and frequent tone shifts shake up traders who continue to monitor comments for further clues on positioning.
“The macro risk remains, but one important overhang appears to be cleared. Trump has not shown any intention to replace Powell on the Fed chair for now.
“But the broader outlook is not simple. Trade frictions, geopolitical unrest and regulations opacity continue to cast a long shadow,” the company added.