The crypto market today has experienced a broad-based downturn, with the total industry market capitalization slipping to $3.33 trillion. Trading volume also shrank considerably by 16.50%, now standing at $93 billion, signaling cautious attitude from investors.
Whale Activity and Options Expiry Unnerve Investors
Bitcoin's price has slipped by 0.68% over the past 24 hours, currently hovering around $108,294.97. The root cause for this dip stemmed from the sudden movement of an 80,009 BTC wallet that had been dormant for over 14 years, worth approximately $8.7 billion. This type of activity raises security concerns and the potential for large-scale selling, which often results in defensive selling.
Additionally, a significant development is the $3.6 billion crypto options expiry, where Bitcoin accounts for $2.98 billion and Ethereum $610 million. The unwinding of these contracts has led to increased volatility and uncertain short-term moves.
Liquidation Events Strain Market
Liquidation events have further strained investor sentiment. Bitcoin’s leveraged long positions took a hit amid the dormant wallet scare, triggering cascading liquidations. The overall 24-hour trading volume for BTC has fallen by 14.9%, now at $42.47 billion.
Ethereum's decline relates to technical rejection as the failed attempt to break above $2,600 led to profit booking and liquidation of over-leveraged long positions. Additional pressure from options expiry and short-term resistance zones contributed to the correction.
Top Gainers Today
Today, notable cryptocurrencies include:
Top Gainers:
Top Losers:
The crypto market remains under pressure due to the influence of whale activity and high levels of open interest. Investors are urged to remain cautious amid short-term volatility.