Daily Dose of Shock ( I mean Doc)
The cryptocurrency and blockchain market experienced a sharp decline over the past 24 hours, with total market capitalization falling to approximately $3.05 trillion, reflecting an 8.5% drop over the week and erasing roughly $1 trillion in value in recent weeks. Bitcoin declined more than 10% from above $91,000 to under $81,000, while Ethereum fell below 2700. . Most major altcoins, including XRP, Cardano, and BNB, recorded double-digit losses in a highly pressurized session.
The primary driver of this severe downturn was aggressive deleveraging and liquidity withdrawal by market makers and large directional automated traders. These entities rapidly reduced exposure and tightened liquidity during a period of heightened uncertainty following U.S. jobs data, amplifying price swings and triggering widespread forced liquidations totaling over $2 billion. The resulting cascade pushed Bitcoin dominance higher to nearly 59% as capital rotated heavily into Bitcoin at the expense of altcoins.
On the plus side bitcoin hasn’t been this oversold for years see chart.
Despite the broad sell-off, certain segments showed resilience or counter-trend strength. Privacy-focused coins and several Layer-1 and Layer-2 projects attracted rotational flows, with standout performers including TNSR (up 234%), DYM (up 100%), GRASS (up 72%), and SAGA (up 39%). Solana remained relatively stable.
Institutional activity continued amid the turbulence: spot Bitcoin ETFs recorded modest inflows, Ark Invest added to its positions in Circle and other crypto-related entities, and large holders continued accumulating Bitcoin during the dip. Other notable developments included Kraken’s filing for a U.S. IPO, the minting of an additional 100 million USDC, and the successful completion of Bitcoin Core’s first public third-party security audit, which found no critical vulnerabilities
Overall, the abrupt withdrawal of liquidity and directional pressure from market makers and automated trading firms transformed a routine consolidation into a broad-based market crash, underscoring the continued influence of these actors on short-term price dynamics in the cryptocurrency ecosystem.
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