Crypto Market Sees Profit-Taking, Prices Drop Amidst Institutional Interest

Following a strong start to the week, cryptocurrency markets experienced profit-taking, resulting in price drops of up to 5%. Memecoins, particularly Dogecoin, were significantly impacted. Bitcoin, however, remained relatively steady around $93,000. This downturn was partly attributed to institutional investors seeking risk hedging and long-term positions through ETFs, as reflected by a recent inflow of $916 million into U.S.-based spot Bitcoin ETFs.