According to Woofun AI, the total market capitalization of the cryptocurrency market stands at $2.84 trillion, down 0.31% in a single day. The core issue lies in a notable slowdown in fresh capital inflows, with market sentiment turning cautious as investors await the August inflation data scheduled for release on September 30.
Funding conditions show a cliff-like contraction. On September 21, spot Bitcoin ETF (IBIT.US) attracted $998.95 million in inflows, then declined day by day: $714.75 million on September 22, $346.98 million on September 23, and only $190.65 million on September 24 鈥?a plunge of 81% in just three days.
Data compiled by Woofun AI shows that stablecoin supply tracked by DefiLlama stands at $312.3 billion, $8.6 billion below the May 17 peak. That figure bottomed at $305.2 billion on August 3. Although it grew 0.9% this week, the fastest weekly gain since early May, weekend trading volumes remained sluggish, leaving buyers with limited capital reserves to absorb selling pressure.
On the technical front, the market must defend the $2.79 trillion support level. If it stabilizes, there is potential to push toward the $2.89 trillion level and the $2.95 trillion target that was blocked during the September 23 rebound.
Among individual names, Bitway (BTW) showed divergence, falling about 14% within 24 hours and approaching $0.92, a clear retreat from its previous all-time high of $1.09. Although the rally since August 8 formed the 'flagpole' of a bullish flag pattern, and low selling volume supported the $0.894 level, buying volume has continued to shrink since late August. Weakening trading volume has left the rebound lacking momentum.
Analysts note that fund purchasing power still exists but is diminishing day by day. Before the September 30 inflation data arrives, if the daily closing price can stay above $2.89 trillion, it would signal buyers are returning. Conversely, a break below the $2.79 trillion threshold would expose the market to greater downside risk.
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