Bitcoin and Ethereum are facing selling pressure

The cryptocurrency market is under pressure as Bitcoin (BTC), the leading cryptocurrency, struggles to maintain its recent gains. Over the past 24 hours, Bitcoin has fallen nearly 7%, erasing a three-week high. Ethereum (ETH) also took a hit, with its price falling by almost 10%.

Binance reports sharp sell-off in Bitcoin

Binance, the world’s largest cryptocurrency exchange by trading volume, has seen a spike in Bitcoin sales. CryptoQuant analyst Darkfost noted this Binance’s net beneficiary volume per hour– a leading indicator of market sentiment – fell to -$325 million, the highest negative value on record in 2025.

The sell-off was fueled by disappointing US economic data, including weaker-than-expected PMI and jobs numbers. These reports made risky assets like Bitcoin less attractive, leading to increased selling. While some analysts are concerned about a potential long-term downward trend, others see this as a temporary reaction to the economic news.

Ethereum sees its first major decline in 2025

Ethereum, the second largest cryptocurrency, also saw a significant decline, marking its first significant price drop this year. This decline coincides with growing expectations that the Federal Reserve may back off from cutting interest rates during its next meeting on January 29.

Although Ethereum investors remain calm, outflows from exchange-traded funds (ETFs) have reached… 86 million dollars Adding to the bearish sentiment.

Coinbase stands strong

While Binance is facing selling pressure, Coinbase, another leading exchange, has noticed an increase in buying activity. This trend appears to be supported by strong data from ETFs earlier in the week. If the buying momentum continues, Ethereum may recoup some of its losses in the near term.

What’s next for the cryptocurrency market?

While Bitcoin and Ethereum are under pressure, there is still hope for a potential rebound if ETF inflows pick up and buy interest increases. For now, experts advise caution, especially with upcoming events such as Trump’s inauguration adding to the uncertainty in the market.

Currently, the price of Bitcoin has risen decreased by 6.5%is trading at $95,433, showing a 6.5% decline over the past 24 hours. This also led to the market capitalization falling to $1.89 trillion.

Likewise, Ethereum (ETH) saw a decline, with its price now at $3,339, registering a 9% decline over the past 24 hours.

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