Amid headwinds for Bitcoin, SOL and ADA lead the decline in the entire crypto asset market | CoinDesk JAPAN

Investors continue to fear that Bitcoin (BTC) will be sold off in large numbers. Major coins have fallen across the board, with investors likely reducing their exposure to the overall crypto asset (virtual currency) market in anticipation of falling prices.

CoinDesk 20, the most traded token liquidity index, fell 2.86% in the past 24 hours.

Solana (SOL) and Cardano (ADA) fell 5% in the past 24 hours, leading the losses among the major tokens. Binance Coin (BNB) remained largely unchanged despite demand for Launchpad, which requires the token on exchange Binance. Dogecoin (DOGE) was initially rumored to be featured in Social Media

Bitcoin, the world’s largest crypto asset by market capitalization, fell below the $41,000 support level on Monday. Traders expect the price to fall to $38,000 in the coming weeks, potentially leading to wider losses for other crypto assets.

According to some analysts, including ETF analyst Eric Balchunas of ), said to be due to selling derived from the Grayscale Bitcoin Trust (GBTC).

According to blockchain analysis firm Arkham Intelligence, the movement of wallets belonging to Grayscale indicates that the fund transferred $400 million (approximately $60 billion) to custodian Coinbase Prime on January 18th. This shows that Bitcoin equivalent to 1 dollar = 150 yen) was transferred.

However, other newly approved Bitcoin ETFs have seen net inflows. BlackRock’s IBIT and Fidelity’s FBTC surpassed $1 billion last week, indicating buying pressure, according to data tracked by CoinGlass.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: Solana (SOL), Cardano (ADA) Lead Crypto Market Lower as Traders Grapple With BTC Headwinds