The market cooled off today as yesterday’s momentum faded, with the total crypto market cap slipping into mild red territory. Most large-cap assets retraced a portion of their recent gains, and sentiment softened under ETF outflows and fresh liquidations.

Bitcoin & Ethereum Pull Back

Bitcoin slid to the $91K–$92K range, after briefly dipping below $90K earlier in the session.

Ethereum traded weaker as well, holding around $3,120–$3,170, giving back part of its post-Fusaka upgrade rally.

Large-Caps Lead Declines

XRP, Solana, ADA, and Dogecoin were among the biggest large-cap losers, each falling by mid-single-digit percentages. Despite the broad pullback, a handful of smaller caps and narrative tokens still managed double-digit intraday gains, reflecting pockets of risk-on appetite.

ETF Outflows Return

Spot Bitcoin ETFs recorded noticeable outflows, reversing several strong inflow days earlier this week and adding pressure to the market. Combined with thin liquidity, this contributed to a choppy intraday structure.

Liquidations Cross $500M

Roughly $500M in derivatives liquidations hit BTC, ETH, and XRP as prices drifted lower — a sign that leveraged traders were caught off-side by today’s retracement.

Long-Term Holders Accumulate

Despite lower prices, on-chain data shows Bitcoin supply on exchanges at multi-year lows, indicating long-term holders continue accumulating rather than selling into weakness. This remains a constructive signal for the mid-term trend.

Options Traders Preparing for Extended Volatility

Options markets show increased demand for hedging, suggesting traders are positioning for the possibility of a longer consolidation phase — a “crypto winter lite” environment rather than rapid re-acceleration.

BTC Decoupling From U.S. Equities

For the first time in nearly a decade, Bitcoin’s short-term performance is diverging from U.S. stocks, hinting at a shift in macro correlation dynamics as global liquidity pressures build.

Key Levels to Watch

  • Bitcoin:

  • Resistance: $95,000

  • Support: $89.8K → $86.8K (critical demand zone)

  • Ethereum:

  • Must defend the low-$3,000 region to avoid a deeper correction into the $2,880–$2,950 range.