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The global cryptocurrency market has notably declined as Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) dipped close to the $66,000 mark. 
According to <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="noopener">data</a> provided by CoinGecko, the global crypto market capitalization plunged by 4.6% in the past 24 hours and is sitting at $2.63 trillion at the time of writing. The daily trading volume, however, increased by 42%, reaching $134.77 billion, per CoinGecko. 
The marketwide decline comes as the leading cryptocurrency, Bitcoin, dropped from $70,000 to $66,400 over the past 24 hours. The BTC market cap is currently hovering around the $1.3 trillion mark with a 24-hour trading volume of $40 billion. 
Moreover, Bitcoin ETFs recorded a total net outflow of $85.7 million on April 1, according to data from Farside Investors. Data shows these investment products <a href="https://crypto.news/crypto-investment-product-inflows/">reached</a> a total of $862 million in inflows last week.&nbsp; 
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 <img loading="lazy" decoding="async" width="733" height="738" src="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-01-134139-1.png" alt="Why is crypto down today? The start of outflows - 19" class="wp-image-14262597">
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 BTC ETF net flows – April 2 | Source: Farside Investors
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</figure> 
On March 31, Tether, the company behind the largest stablecoin, <a href="https://crypto.news/tether-adds-8888-bitcoins-to-its-reserves-holding-more-than-75k-bitcoin/">purchased 8,888 Bitcoins</a> for $618 million — the average price of each coin is $69,531. The firm currently holds over 75,000 BTC at an average price of $30,305. 
 You might also like: <a href="https://crypto.news/meme-coin-rally-trader-stories/"> Traders bet big on meme coins as rally continues </a> 
<h2 class="wp-block-heading" id="buy-the-dip">Buy the dip?</h2> 
Some investors and social media users are discussing the possibility of <a href="https://crypto.news/whales-sent-over-806k-sol-to-coinbase-following-drop-below-200/">whale</a> manipulations and even buying the “dip.” 
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 <img loading="lazy" decoding="async" width="422" height="301" src="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-02-130529.png" alt="Why is crypto down today? The start of outflows - 20" class="wp-image-14262598">
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 Social volume for “buy,” “buy the dip,” and “sell” – April 2 | Source: Santiment
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</figure> 
According to data provided by Santiment, calls for “buy the dip” have skyrocketed over the past 24 hours — dominating 33.55% of the total social volume around crypto-related topics.&nbsp; 
The majority of the social media conversations discussing the potential buying opportunity come from Reddit and 4chan, per Santiment.&nbsp; 
Data shows that social media conversations discussing another selloff dominate only 2.46% of the total conversations and posts.&nbsp; 
 Read more: <a href="https://crypto.news/vitalik-buterin-ethereum-update-details/"> Vitalik Buterin reveals details on next Ethereum update </a>

Why is crypto down today? The start of outflows

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