The crypto market is down today, August 11, with the total market cap falling by 1.02% to $2.19 trillion. Chainlink (LINK) is an outlier, as the price records one of its biggest daily gains this month amid Standard Chartered’s bullish forecast. Meanwhile, Ripple (XRP) and Cardano (ADA) are retesting their support levels as selling pressure rises.
Key Factors Driving the Crypto Market Today
The crypto market is dropping today because of returning ETF outflows. The price of Bitcoin (BTC) dropped to $63,700 after BTC ETFs recorded $144 million in outflows on August 10.
Ethereum (ETH) ETFs also saw $14 million in outflows, marking an end to a four-day inflow streak.
Data from SoSoValue shows that only Bitcoin and Ethereum ETFs had outflows on August 10, with the other crypto ETFs registering either slight inflows or zero flows. Solana (SOL) stood out with the highest inflows of $8.83 million.
The geopolitical situation between the US and Iran is also hindering gains in the crypto market after President Trump dismissed calls by Iran for the US to pay for the damages caused by US strikes in the country.
Data from prediction markets now shows that there is a 65% chance that the price of crude oil will reach $85 in August 2026 as traders price in continued aggression between the US and Iran.
The other factor moving the crypto market is the inflation data that comes out tomorrow, August 12, as analysts expect inflation to drop from 3.7% in June 2026 to 3.6% in July 2026 and boost demand for crypto assets.
Crypto Market Data Today
- Total Crypto Market Cap: $2.2 trillion (-0.90%)
- 24-hour Trading Volumes: $54.86 billion
- Bitcoin: $64,340 (-1.11%)
- Ethereum: $1,892 (-1.37%)
- XRP: $1 (-2.48%)
- Bitcoin Dominance: 58.8%
- Ethereum Dominance: 10.4%
- Altcoin Season Index: 39/100
- Fear and Greed Index: 29 (Fear)
Derivatives Market Analysis
Data from Coinglass shows that the open interest across the crypto market is up by 0.6% today, August 11, to $115.48 billion. The total derivatives trading volumes have also doubled from $76 billion on August 10 to $148 billion on August 11.
The total liquidations across the crypto market have also increased by 127% to $211 million, with $151 million being long liquidations and $59 million being short liquidations.
Bitcoin and Ethereum have also seen the biggest liquidations of $51 million and $48 million, respectively. The biggest liquidation order occurred on Hyperliquid, where a BRENTOIL/USD position worth $10.55 million was closed.
Binance also dominated with the biggest liquidation volumes across the crypto market of $88 million, followed by Hyperliquid with $44 million in total liquidations.
Chainlink Price Technical Outlook After 4% Rally
Chainlink price is up by 4.59% to trade at $8.68 at the time of writing. The gains come amid high buying pressure, with data from CoinMarketCap showing that the total trading volumes have increased by 72% to $339 million.
LINK price is gaining because of the bullish long-term Chainlink forecast shared by Standard Chartered analyst Geoff Kendrick, who said Chainlink will reach $200 by 2030.
