ETH Rally Sparks $96K Bitcoin Dip, $430M ETF Outflows, and SOL Faces 40% Correction Risk: Feb 18

Ethereum’s brief 7% surge to $2,850 over the weekend ignited investor optimism before the market reversed, with Bitcoin slipping from over $97K to below $96K and ETF outflows hitting $430M. Meanwhile, altcoins face divergent pressures: XRP shows signs of a bullish recovery, while Solana is under severe technical strain amid memecoin scandals and a looming token unlock event.

• ETH rallied 7% to $2,850 before retracting most gains, signaling a potential market-wide dip as Bitcoin fell from above $97K to around $95,500.

• Crypto ETPs saw a record $430M in Bitcoin outflows last week, ending a 19-week inflow streak, while altcoin funds like XRP and SOL recorded modest inflows.

• Argentine President Javier Milei denies promoting the LIBRA token, despite a 94% market cap plunge and ensuing fraud lawsuits.

• Shares of HK Asia Holdings surged 93% after purchasing one Bitcoin at approximately $96,150.

• XRP is forming a bullish cup-and-handle pattern targeting a recovery above $3.00, whereas Solana’s price dropped 6.8% to around $178 amid short-futures pressure and potential unlock-induced selling.

The global crypto market cap stands at $3.19T, reflecting a slight 0.19% drop over the last day, while total 24-hour market volume surged by 55.99% to $94.5B, with DeFi accounting for $6.96B (7.36% of volume) and stablecoins dominating at $86.82B (91.87%). Meanwhile, Bitcoin's market dominance edged up by 0.16% to 59.88%, and the Crypto Fear and Greed Index slipped to 47, indicating a neutral market sentiment, down from 51 yesterday.

Crypto Fear and Greed Index | Source: Alternative.me

Over the weekend, Ethereum (ETH) spurred a short-lived rally, climbing 7% to $2,850 in a brief surge that some traders view as a “catch-up” move. However, as broader market sentiment soured, Bitcoin tumbled from just above $97K to roughly $95,500, underscoring the volatility in an otherwise muted trading session influenced by the U.S. holiday.

Crypto ETFs saw outflows last week | Source: Coinmarketcap

Last week marked the first major sell-off of the year for cryptocurrency exchange-traded products (ETPs), with Bitcoin ETPs alone experiencing $430M in outflows. This drastic shift ended a 19-week inflow streak, even as altcoin ETPs—tracking assets like Solana and XRP—saw modest inflows, hinting at a renewed wave of ETF filings and a potentially friendlier regulatory climate.

Read more: What Is an XRP ETF, and Is it Coming Soon?

XRP/USDT price chart | Source: KuCoin

XRP’s four-hour chart is exhibiting a classic cup-and-handle formation—a bullish reversal pattern that traders closely watch as a signal for potential upward momentum. After suffering a dramatic 44% plunge that bottomed out near $1.76, XRP has rebounded with a 10% gain over the past week. Consolidation has now set in around the $2.75–$2.80 level, and with exchange outflows turning negative, selling pressure is easing. 

Analysts suggest that a decisive close above this consolidation zone could pave the way for XRP to challenge the $3.00 resistance, with some projections even eyeing targets as high as $3.40, underpinned by bullish momentum divergence and increased trader confidence.

SOL/USDT price chart | Source: KuCoin

Solana (SOL) is currently grappling with severe technical and market pressures, as evidenced by its 6.8% drop to roughly $178. Technical charts indicate the formation of a head-and-shoulders pattern; if SOL breaks below the critical support at approximately $180.50, the downside could extend to a target near $110—a potential decline exceeding 40% from current levels. 

Solana open interest in futures market | Source: CoinGlass

Adding to the bearish outlook is an impending token unlock event, where over 11.2 million SOL tokens are set to be released soon, possibly injecting more than $7 billion into the circulating supply and amplifying selling pressure. The futures market further compounds these challenges, with a surge in open interest and negative funding rates reflecting aggressive short positions. Combined with ongoing memecoin scandals linked to the network, these factors suggest that SOL could continue to face significant headwinds in the near term.

Read more: What Is a Solana ETF, and How Does it Work?

Javier Milei’s tweet | Source: Cointelegraph

Amid a flurry of investor backlash, Argentine President Javier Milei has strongly denied allegations of promoting the LIBRA token. The token, which saw a dramatic 94% collapse in market cap within hours—a scandal now dubbed “Libragate”—has triggered multiple fraud lawsuits and deepened concerns about memecoin market manipulation.

Read more: From $4.56B Peak to 94% Crash: Milei’s LIBRA Endorsement Triggers $107M Insider Exit

HK Asia Holdings’ share price | Source: Google

In a surprising market twist, Hong Kong-based HK Asia Holdings Limited saw its shares jump by nearly 93% in a single trading session after revealing the purchase of one Bitcoin for around $96,150. This move highlights growing institutional interest and signals a belief in Bitcoin as a “dependable store of value” amid global economic uncertainty.

The crypto market is navigating a phase of intense volatility, marked by ephemeral rallies, staggering ETF outflows, and contrasting technical narratives across major assets. With Bitcoin testing critical support levels and altcoins like XRP and Solana facing divergent challenges—from promising technical recovery to severe market pressure—investors are bracing for continued uncertainty in the near term.

Read more: Pump.fun App Launch, TRUMP +40%, GameStop Soars on Bitcoin Rumors – Feb 17