Bitcoin Falls Below $77,000, Ethereum, XRP, Dogecoin Flat Ahead of Midterms
Bitcoin held near $77,000 despite significant net outflows from spot Bitcoin ETFs as investors braced for Tuesday’sCryptocurrencyTickerPriceBitcoin$76,783Ethereum$2,244Solana$91.99XRP$1.24Dogecoin$0.07374Shiba Inu$0.054546Notable Statistics:Coinglass data shows 67,742 traders were liquidated in the past 24 hours for $226.49 million. SoSoValue data shows net outflows of $643.3 million from spot Bitcoin ETFs on Friday. Spot Ethereum ETFs saw net outflows of $155.9 million.In the past 24 hours, top losers include Rain, NEAR Protocol and Ethena.Notable Developments:Why Crypto PACs Are Spending Over $200 Million on the 2026 Midterms?Strategy Buys $65.5 Million in Bitcoin as Michael Saylor Adds 811 BTCTrader Notes:Bitcoin faces mounting macroeconomic pressure ahead of the U.S. midterm elections tomorrow, with potential Fed rate hikes, weakening tech stocks and growing recession risks threatening risk assets.In an interview with Scott Melker, Bloomberg Intelligence strategist Mike McGlone warned that Bitcoin’s recent weakness could signal a broader market correction.Macro analyst Mario Innecco argued that rising government debt and persistent monetary inflation could eventually benefit gold and other hard assets.McGlone considers the coming week critical. If stocks finish lower following the midterms, he expects selling pressure to accelerate.McGlone’s bearish outlook:Bitcoin and gold may have already established significant market peaks.Treasury bonds offer attractive risk-adjusted returns as recession risks increase.A sustained stock market decline could accelerate deflation and push bond yields lower.Preview Image: Shutterstock