Bitcoin, Ethereum, Dogecoin trading falls on inflation data: “Pray for $58,000 to $59,000 to hold, otherwise it's a nuclear city for Bitcoin babies” – Grayscale Bitcoin Mini Trust (BTC) Common unit of undivided beneficial interest (ARCA:BTC)

Bitcoin ETFs recorded outflows for the second day in a row on Wednesday, while spot Ethereum flows remain subdued, sending crypto markets lower.

Notable statistics:

• According to IntoTheBlock data, large transaction volume decreased by 25.7% and daily active addresses decreased by 18.8%. Transactions over $100,000 fell from 9,459 to 7,555 in one day. Exchange net flows decreased by 79.4%.
• According to data from Coinglass, 71,977 traders were liquidated in the past 24 hours, bringing the total liquidation amount to $251.47 million.
• axel adele jr.the authors of CryptoQuant reported that 1.5 million BTC was accumulated by whales in the past six months.

Notable developments:

top gainer:

Trader notes: With the price of Bitcoin falling below $60,000, Santiment detailed that Bitcoin's drop to $58,900 was perceived by traders as a “buying opportunity.” He suggested sentiment was shifting toward a more bullish outlook, especially following the US Consumer Price Index (CPI) report, which suggested a potential rate cut was still on the table.

Crypto trader Andrew Crypto presents two potential scenarios for Bitcoin. The most likely outcome is a fall to the $52,000 support level, which could serve as a final flash before going parabolic.

The second scenario is a super bullish scenario supported by the $57,000/$60,000 demand zone.