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It's been a trend for the last few weeks that cryptocurrencies selloff as the U.S. traditional markets open, underscoring a general risk-off sentiment among American investors.

BTC plummeted more than 2% in an hour to $65,200 during the U.S. trading session from around the $67,000 area. The leading crypto was down 7.5% over the past seven days

Investors may expect market weakness due to the tax season, Ryze Labs said in a report.

Some traders expect market movements nearer to Friday when Federal Reserve chair Jerome Powell is scheduled to speak at the Jackson Hole symposium.

September's counter-seasonal price trend has already started to show signs of this divergence trend helping BTC.

Altcoins have lagged throughout the year amid regulatory uncertainty, and hence, K33 Research analysts said they are "more sensitive" to the election results.

A tracker for market sentiment reached “extreme greed” levels on Thursday, which has historically preceded market corrections.

Bitcoin's price fell to $58,900 while other major cryptocurrencies fell more than 4% late Wednesday.

The previous two occasions when exchanges saw similar USDT outflows earlier this year occurred near local tops in bitcoin's price, IntoTheBlock analysts noted.

The 10 spot bitcoin ETFs on Monday experienced their first net inflows in one week, helping to send the price of bitcoin to its highest level since the day after the funds began trading.