The crypto market is falling, approaching a final sell-off
Market overview
The crypto market has lost a further 5% over the past 24 hours, currently standing at $2.32T, after slipping to $2.27T at the start of Asian trading. The market has not been this low since late March, and this marks a further development of the downward momentum that began in the middle of last month. Capital interest remains focused on equity markets, but the Nasdaq 100 is hitting new highs, despite the alarming pace of market capitalisation contraction with which it was previously closely correlated. Among the top coins, the day’s top gainers were Zcash (+12%), Internet Computer (+9%) and NEAR Protocol (+8.6%). The biggest fallers were Bitcoin Cash (-11.5%), Aptos (-7%) and IOTA (-6.4%).
The sentiment index plummeted to 11, its lowest level since early April. In line with the bear market pattern, the indicator stalled near 50 at the start of last month, followed by a decline in price momentum and a deterioration in sentiment.
Bitcoin fell below $65.5K at its low point at the start of active Asian trading on Wednesday, bringing the price back to levels that served as strong support in February and March. On daily timeframes, the RSI dropped to 22, a level last seen before the acceleration of the decline in early February. This is dangerous territory where a hunt for stop-loss orders on long positions could begin, followed by an even greater increase in volatility. Starting with Bitcoin, such dynamics often become even more volatile in altcoins.
News background
BTSE views this as a negative psychological signal, indicating that even the largest holders are feeling pressure from the recent price decline.
According to SoSoValue, outflows from US Bitcoin ETFs have continued for 11 consecutive trading sessions. During this period, investors have withdrawn $3.45 billion from the funds, almost 1.5 times more than in the whole of May.
Inflows into DAT companies, which accumulate cryptocurrency in their reserves, fell in May to their lowest levels since October 2024. Premiums on crypto treasury shares have begun to decline, Galaxy notes, as investors are no longer willing to overpay simply for access to Bitcoin or Ethereum via the stock market.
US investment firm Strive purchased an additional 2,500 bitcoins ($185.2 million) last week through a preferred share placement. The average purchase price was $74.1K per coin. Strive now holds 19,000 BTC on its balance sheet, moving the company up to seventh place among the largest public holders of BTC.
Tether, the issuer of the USDT stablecoin, transferred 204.3 BTC from its Bitcoin wallet to the Bitfinex crypto exchange. Such transactions may indicate an imminent sale of the asset, EmberCN suggested. Previously, there had been no reports of BTC sales from Tether’s reserves.
According to Arkham, the bankrupt crypto exchange MtGox has moved 10,423 bitcoins ($739 million) to a new address. This is MtGox’s first major transaction since November 2025.
Summary: Crypto sinks 5% as fear hits 11 and BTC slips below $65.5K, with ETF outflows, whale pressure and renewed MtGox activity fuelling sell-off fears.
Author
Alexander Kuptsikevich, a senior market analyst at FxPro, has been with the company since its foundation. From time to time, he gives commentaries on radio and television. He publishes in major economic and socio-political media.
