The global cryptocurrency market experienced a broad downturn over the past 24 hours, with total market capitalization falling 2.03% to $3.11 trillion. Trading volume saw a sharper decline of 23.77%, settling at $104.99 billion. Market sentiment, as measured by the Crypto Fear & Greed Index, remained "Neutral" at 43 points, reflecting cautious investor positioning.
Leading assets faced selling pressure. Bitcoin ($BTC) dropped 1.93% to trade around $90,694, briefly falling below the $90,000 level in Asian trading. It found initial support near its 50-day simple moving average around $89,200. Ethereum ($ETH) saw a steeper decline of 3.31%, trading at $3,139.08. Major altcoins like Solana ($SOL), XRP ($XRP), and Dogecoin ($DOGE) also fell between 2% and 6%.
The decline was notably driven by significant outflows from US-listed spot Bitcoin ETFs, which recorded a net outflow of $729 million in a single day, reversing a large portion of the prior week's inflows. Sector-specific indices also suffered, with the Memecoin Index plunging 8.6%, and the DeFi Select and Metaverse indices dropping over 5% each. The total value locked (TVL) in DeFi fell 2.76% to $124.7 billion.
Amid the broader sell-off, a few tokens posted explosive gains. Crypto Pump Meme ($CPM) surged 1860%, Turbo Trump ($TURBO) rose 473%, and SORA GROK ($GROK) gained 447%. In other news, Morgan Stanley filed for a spot Ethereum ETF, following similar filings for Bitcoin and Solana ETFs. Wyoming announced the launch of a new stablecoin, $FRNT, aimed at reducing payment costs.
Analysts point to a weakening risk appetite ahead of key macroeconomic events, including upcoming US employment data and a potential Supreme Court decision on tariffs, as contributing to the market uncertainty. FXPro Chief Market Analyst Alex Kuptsikevich noted that the support test around Bitcoin's 50-day moving average would determine if the early-year price action was a "false breakout."
