The drop in Bitcoin (BTC) sparked a widespread sell-off in the crypto market over the weekend as some investors looked for clues to position positions ahead of a busy week ahead.

BTC fell 4.8% in 24 hours in Asian morning trading on Monday and traded just above $58,500.

Exchange-traded funds (ETFs) that track U.S.-listed assets recorded outflows on Friday. BTC ETFs lost $89 million, while ETH ETFs experienced an outflow of $15.7 million, according to market data.

Solana’s SOL and toncoin (TON) are down 7% among major cryptocurrencies. BNB Chain’s BNB fell 3%, dogecoin (DOGE) fell 6%, while Cardano’s ADA and XRP (XRP) lost 5%.

On the other hand, Aptos (APT), Arbitrum (ARB) and metaverse The Sandbox’s SAND tokens are down as much as 7% ahead of their unlocks this week. These tokens belong to the team and early investors, and it is stated that more than 120 million dollars of tokens will be released in total.

Some market observers have warned that BTC could fall further in the coming weeks, citing technical weakness, but noted that traditional market explanations could provide upward pressure.

“We expect crypto prices to remain in a narrow range, likely with a trend on the weak side,” said Augustine Fan, head of insight at SOFA.org, in a message on Telegram.

“However, technical damage and emotional pressure remain, with on-chain cost models and MVRV models predicting further potential shakeouts ahead of Jackson Hole.”

“We see that crypto markets do not have a clear reference point and are open to position adjustments,” Fan said. “We are seeing ETF inflows for BTC and ETH continuing to remain weak over the last few sessions,” he added.

Both the UK and the US will release Consumer Price Index (CPI) data for July on Wednesday. Australia’s consumer confidence, which tracks sentiment towards family finances, and Japan’s Producer Price Index (PPI), which measures price developments of goods traded in the corporate sector, will be released on Tuesday.

As the week progresses, retail giants Alibaba Group and Walmart will release earnings reports on Thursday, while Hong Kong and Taiwan will release updated gross domestic product (GDP) data on Friday.

Traditional market events influence crypto prices as they reveal spending behavior and the state of the overall economy. Positive announcements often move prices upward because investors tend to invest more in riskier assets, such as technology stocks or cryptocurrencies.

A lack of earnings or data could push prices down as investors turn to safer assets.