Crypto Market Update August 11: Chainlink Tops Gains as XRP and Cardano Retest Support Levels

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.