• Bitcoin and ETH panic selling triggers broader crypto market selloffs.

• XRP, SOL, Zcash, NEAR, and other altcoins fall amid massive liquidations.

• Huge $1.3 billion Blackrock Bitcoin ETF sale, HTX sanctions, and profit-taking erodes sentiment.

• Analyst signals further crash due to bearish engulfing outside bar pattern on Bitcoin chart.

• Crypto market investors now await US PCE inflation data tomorrow.

Crypto market selloffs deepen on Wednesday, with the global market cap tumbling almost 1.5% to $2.53 trillion. Bitcoin falls 3% to $75K lows today, alongside similar moves in ETH, XRP, SOL, Zcash, NEAR, and others.

This appears to be a continuation of recent correction pressure rather than a full-blown crash, driven by a mix of macro risk-off sentiment, spot Bitcoin and Ethereum ETF outflows, HTX sanctions-driven crypto market liquidations, and technical weakness.

Moreover, the Crypto Market Fear & Greed Index recorded a sharp drop in the sentiment from 34 (fear) to 25 (extreme fear) today. Meanwhile, experts warn of a potential crypto market crash ahead.

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Crypto Market Selloffs Follow Huge BlackRock Bitcoin ETF Sell Trade

The crypto market saw broader selloffs after an institution sold shares of BlackRock Bitcoin ETF (IBIT) worth $1.3 billion in a dark pool block trade. Bloomberg senior ETF analyst Eric Balchunas said the market absorbed it well as the price remained unchanged today.

This comes amid consecutive outflows from spot Bitcoin ETFs. BlackRock’s IBIT saw $192.4 million in outflow on Tuesday, according to Farside Investors data. The total net outflow from spot Bitcoin ETFs increased to $333.6 million.

Meanwhile, spot Ethereum ETFs also saw $35.1 million in outflows, with Fidelity’s FETH suffering $17 million in redemptions. BlackRock’s ETHA recorded $1.9 million in outflows.

As CoinGape reported earlier, institutions are rotating out from Bitcoin and ETH into altcoin-focused funds such as XRP, NEAR Protocol, and SOL exchange-traded funds. Crypto funds globally saw outflows of $1.47 billion, a second consecutive negative week.

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Macro Risks Remain Despite Easing US-Iran War Escalation Fears

The US 10-year Treasury yields (US10Y) declined to around 4.47% on Wednesday, reaching a two-week low as investors further reduced Fed rate hike expectations amid signs of progress toward a US-Iran peace agreement.

The US dollar index (DXY) stabilizes near 99 after a volatile week as President Trump said talks on extending the ceasefire and reopening the Strait of Hormuz are ongoing. Meanwhile, US Secretary of State Marco Rubio cautioned that any final deal could still require several more days to finalize.