Crypto drop 3% for overbought market, ETF FOMO and macro risk
Crypto market drop almost 3% on August 18, wipe out about $140 billion and push total capitalization down to $3.88 trillion. Bitcoin slide from all-time high of $124,457 to around $115,300, while Ethereum tumble below $4,300. The pullback follow record inflows—$2.85 billion into spot ETH ETFs and $547 million into spot BTC ETFs—fuel a FOMO-driven rally wey leave the crypto market overbought. Sudden DeFi TVL expansion from $129 billion to $160 billion add more volatility. Over $530 million in liquidations in 24 hours, led by $210 million in ETH, show market fragility. Ahead, key macroeconomic events—including U.S. CPI data, Federal Reserve minutes, Powell speech, and geopolitical meetings—fit intensify trading swings. Traders make sure say dem watch for support near current levels and prepare for continued volatility as these catalysts unfold.
Bearish
Dis news dey bearish becos e show sharp 3% market fall wey come from overbought conditions, FOMO-driven ETF money flow, plus big macro risk wey dey loom. Like the late 2021 overbought cycles, big ETF money come push market up fast, but e sharply reverse wen sentiment hit the peak. The heavy liquidations and DeFi TVL spike show say market fragility don increase. Short term, traders fit still face wahala with volatility as U.S CPI data, Fed minutes and geopolitical gbege act like catalysts. Long term, dis correction fit give chance to buy, but the ongoing macro uncertainty and possible policy changes mean say better make dem remain careful till clear trend show.