The cryptocurrency market has experienced a significant downturn in the past 24 hours, with the total market capitalization slipping by over 2% to hover around $2.46 trillion during the London session on Friday. This decline is largely attributed to the bearish performance of Bitcoin (BTC), which has struggled to rally beyond $72,000 in recent months despite the approval of spot BTC ETFs in various jurisdictions, including the United States and Hong Kong.

The altcoin industry has also been affected, with forced liquidations exceeding $129 million due to increased volatility. However, the LayerZero (ZRO) airdrop has generated significant interest among retail traders, particularly with the commencement of the airdrop period for BNB (BNB price data) holders on the Binance crypto exchange.

The lack of bullish momentum in Bitcoin's price has been linked to heightened selling pressure, primarily originating from Coinbase Global Inc. (NASDAQ: COIN). Coinbase has been absorbing the selling pressure from spot BTC ETFs in recent weeks, with US-based spot BTC ETFs registering a total cash outflow of approximately $139 million on Thursday, June 20.

Grayscale's GBTC led the outflow with $53 million, followed by Fidelity Investments' FBTC with $51 million, and Bitwise's BITB with $32 million. In contrast, BlackRock's iShares Bitcoin Trust (NASDAQ: IBIT) recorded a cash inflow of $1 million on Thursday, marking five consecutive days of net cash outflows for US-based spot BTC ETFs.

This trend suggests a decrease in investor interest in the cryptocurrency market, leading to a midterm correction. The increased selling pressure and lack of bullish momentum in Bitcoin's price may indicate a further downturn in the market. However, the interest in the LayerZero airdrop and the continued approval of spot BTC ETFs in various jurisdictions offer a glimmer of hope for a potential upswing in the market.

The cryptocurrency market's downturn has resulted in significant losses for investors, with the total market capitalization slipping by over 2% in the past 24 hours. The bearish performance of Bitcoin and the altcoin industry has led to increased volatility, resulting in forced liquidations exceeding $129 million.

The lack of bullish momentum in Bitcoin's price is a significant concern for investors, as it indicates a lack of confidence in the market. The approval of spot BTC ETFs in various jurisdictions was expected to boost investor sentiment, but the continued selling pressure and lack of bullish momentum suggest otherwise.

The interest in the LayerZero airdrop is a positive sign, as it indicates that investors are still seeking opportunities in the cryptocurrency market. However, the continued downturn in the market may lead to a decrease in investor interest, resulting in further losses for investors.

The cryptocurrency market's performance is closely linked to investor sentiment, and the current downturn suggests a lack of confidence in the market. The increased selling pressure and lack of bullish momentum in Bitcoin's price may indicate a further correction in the market, and investors are advised to exercise caution when investing in cryptocurrencies.

In conclusion, the cryptocurrency market's downturn is a significant concern for investors, and the lack of bullish momentum in Bitcoin's price suggests a further correction in the market. However, the interest in the LayerZero airdrop and the continued approval of spot BTC ETFs in various jurisdictions offer a glimmer of hope for a potential upswing in the market. Investors are advised to exercise caution and closely monitor market trends before making investment decisions.