'Altcoin Bloodbath Sees Double-Digit Dips Without Clear Catalyst'

Crypto markets plunged into a sea of red on Monday, with some altcoins bleeding more than 10%. An industry analyst tells Cryptotelegraphs there’s “no clear catalyst” to explain why.

Crypto markets tumbled into a sea of red on Monday, with some altcoins bleeding more than 10%. According to industry analyst Henrik Andersson from Apollo Crypto, there is "no clear catalyst" for the decline.

The total crypto market cap has dropped to $2.46 trillion, a decrease of 3.5% over the last 24 hours. Notably, Shiba Inu (SHIB) and Avalanche (AVAX) were the hardest-hit altcoins among the top 20 by market cap on June 17, with SHIBUSD falling 12.7% and AVAXUSD down 10.6%, according to CoinGecko data.

Other significant losers include Uniswap (UNI) and Dogecoin (DOGE), both experiencing double-digit drops, while Solana (SOL) dipped 9.4%. Ripple’s XRP was the only non-stablecoin to avoid the red, managing a minor 0.1% increase.

Bitcoin (BTC) and Ether (ETH) also saw declines of 1.3% and 4.4%, respectively, over the past 24 hours.

Henrik Anderrson, chief investment officer at asset manager Apollo Crypto, mentioned he couldn't pinpoint the main cause of the market fall but speculated that reduced interest in spot Bitcoin exchange-traded funds (ETFs) might be a contributing factor. "[There’s] no clear catalyst from what I can see, but it looks like negative BTC ETF flows led to weakness in alts, which triggered liquidations of leveraged long traders in Bitcoin, Ethereum, and Dogecoin," Andersson told.

Data from Farside Investors shows that the spot Bitcoin ETFs have seen outflows on five of the last six trading days. Digital asset firm 10xResearch also linked the recent altcoin crash to the decline in spot Bitcoin ETF flows over the past week but suggested that the relationship might be the other way around. "It has come as a surprise that Bitcoin is failing to rally despite weak inflation data, but the Ethereum and altcoin crash might have been predictable," 10xResearch added.

Bitcoin mining stocks have been performing well in recent weeks, now making up for some lost ground from April’s halving event, according to an industry analyst. "Mining stocks underperformed prior to the halving due to fears about post-halving profitability," Mitchell Askew, head analyst at Blockware Solutions,

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