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As Ether, Bitcoin Wilt, Trading Firms Blame Lack of Bullish Catalyst for Market Swoon

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With the Ethereum Merge out of the way, the focus is back on adverse macroeconomic conditions. Crypto trading firms expect continued selling in risk assets. By godbole17

Bitcoin, the biggest cryptocurrency by market value, slipped to $18,300, the lowest since June 19, according to CoinDesk data. Meanwhile, ether, the native token of Ethereum's blockchain, which recently underwent a long-awaited and supposedly-bullish technological change called the Merge, slipped to a two-month low of $1,580. The total market capitalization fell to $858 billion, the lowest since mid-July.

Crypto native hedge funds quickly derisked positions in BTC and ETH following the inflation report, according to Brian Cubellis, a research analyst at Coinbase Institutional. The bearish flows are evident from the negative basis, which is referred to as a discount, in futures tied to bitcoin and ether. At press time, one-month bitcoin and ether futures listed on major exchanges traded at a discount of at least 1% to their respective spot prices.

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