Bitcoin has experienced a significant drop, falling below $97,000 after briefly exceeding $100,000 earlier this week.
Bitcoin has experienced a significant drop, falling below $97,000 after briefly exceeding $100,000 earlier this week. Currently priced at $96,880, Bitcoin has seen a 3% decline in the past 24 hours. Other cryptocurrencies have also been affected, with Dogecoin losing 8% to settle at $0.428 and XRP dropping 15% to $2.38. Solana has declined 6% and is trading at just under $222, while Ethereum has seen a 7% drop to $3,786. Meme coins like Popcat and Peanut the Squirrel have been among the hardest hit, falling over 20%.
Avalanche, Shiba Inu, Chainlink and Polkadot have each dropped about 9% over the last day. Worldcoin and Monero have seen even steeper declines, recording losses of 22% and 21%, respectively. More than $1.71 billion has been liquidated across the market, affecting over half a million traders. Major exchanges such as Binance, OKX and Bybit reported the highest volumes of liquidations. Data from CoinGlass shows Bitcoin leading the liquidations with $86 million.
Despite the downturn, analysts have pointed to signs of institutional interest. CryptoQuant reports a significant outflow of 8,455 BTC from Coinbase Advanced Exchange, suggesting continued accumulation by institutional investors. This pattern, according to analysts, reflects growing interest from large-scale players.
Additional indications of stabilization have been observed, including a drop in the “Realized Profit” metric from $10.5 billion daily to $2.5 billion, reducing sell-side pressure. Futures funding rates have normalized, pointing to decreased speculative activity. However, Monday recorded net negative flows of $90.5 million in Bitcoin ETFs, although this was outweighed by last week’s $2.7 billion inflows, which continue to provide support for the cryptocurrency.
Last week, Bitcoin reached an all-time high of $103,679, surpassing the $100,000 milestone for the first time. This new high is nearly $30,000 above the previous record set last month on Election Day when Donald Trump secured a second term as U.S. president. Market optimism during this period has been partly fueled by Trump’s re-election and his appointment of David Sacks as a key figure in AI and cryptocurrency policy.
Meme coins and other major assets like XRP and Cardano have also suffered significant losses, with XRP down 14% over the past week after reaching a seven-year high of $2.82. Meanwhile, Cardano and Dogecoin saw declines of around 11% and 8%, respectively.
While market volatility continues, institutional activity and ETF support suggest potential for recovery. Analysts remain cautious yet hopeful, watching for further stabilization in the coming days.
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