Bitcoin and Ethereum both sold off sharply on August 11, with BTC falling 2.12% to $63,964 and ETH dropping 2.83% to $1,873.66 as risk appetite weakened across the top 150 cryptocurrencies.
Trading volume surged to $18.82 billion for Bitcoin and $10.28 billion for Ethereum, confirming active selling rather than a quiet drift lower. BTC dominance held near 56.7%, keeping Bitcoin in control of market direction even as altcoins absorbed steeper losses.
The selloff came after institutional Bitcoin ETF flows turned negative on August 10, posting $144.6 million in net outflows and breaking a seven-day positive streak that had seen $455.3 million in cumulative inflows. The reversal suggests institutional buyers are less aggressive at current price levels, though 30-day net inflows remain positive at $439.9 million.
Macroeconomic headwinds drove much of the weakness. Rising U.S. Treasury yields and caution ahead of Wednesday’s Consumer Price Index report weighed on risk assets broadly, with crypto traders watching for signs of persistent inflation that could delay Federal Reserve rate cuts.
Derivatives positioning remained balanced despite the pullback. Bitcoin open interest stood at $46.69 billion with neutral funding rates of 0.0052% per eight hours. Ethereum open interest rose to $25.82 billion, up 5.84% over 30 days, while funding stayed mild at 0.0030%. Analysts noted the market is leveraged but not stretched, with no extreme squeeze setup visible.
The broader sell pressure hit altcoins hard, with Curve DAO a rare bright spot after jumping 10.28% on new LlamaLend v2 gauge rewards. Most top-20 tokens including XRP, Solana, and Cardano tracked the majors lower.
Market participants now turn their attention to the U.S. CPI report on August 12, which could determine whether the selloff accelerates or provides a buying opportunity. A softer-than-expected reading could reignite risk appetite, while hot inflation data may push Bitcoin toward its $63,000 support level.
Sources: CoinStats, CryptoSlate
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