Over the past 24 hours, the digital asset market has come under noticeable selling pressure, leading to a correction in leading cryptocurrencies. At the same time, the industry is preparing for a series of significant events, including large-scale token unlocks and increased institutional interest in select projects.
Performance of Leading Assets
Bitcoin (BTC) was trading near the $77,443 mark by 09:30 Moscow time, showing a decline of 1.86% over the last 24 hours. During the day, the flagship coin's price fluctuated in the range of $76,400–$79,200, indicating sustained high volatility after recent attempts to hold above $80,000.
The second-largest cryptocurrency by market capitalization, Ethereum (ETH), also came under pressure, losing 2.50% over the day. The asset was trading at $2,415, with its quotes moving within a corridor of $2,380–$2,475. This dynamic confirms the overall pessimistic sentiment in the altcoin market.
Among coins in the top 25 by market cap, most showed negative dynamics. The largest drop was recorded for Canton (CC) at minus 7.18%, Solana (SOL) fell by 4.03%, and XRP lost 3.27%. Meanwhile, Zcash (ZEC) declined by 3.17%. Only a few assets posted gains: Uniswap (UNI) added 6.44%, while Litecoin (LTC) gained a modest 0.45%.
In the top 100 ranking, the situation proved more contrasting. The growth leader was Filecoin (FIL), which rose by 13.16%. It was followed by Kite (KITE) and Pyth Network (PYTH) with gains of 13.09% and 10.62%, respectively. The day's laggards were Dash (DASH), which plunged by 10.92%, as well as Canton (CC) and Official Trump (TRUMP), which lost 7.18% and 6.27%.
Institutional Outflows and Market Sentiment
Spot Bitcoin ETFs broke their streak of inflows, recording an outflow of $236.46 million over the day. This became a key factor of pressure on the leading cryptocurrency. At the same time, other funds maintained positive dynamics: products on XRP attracted $14.38 million, on Ethereum — $10.95 million, on Solana — $10.19 million, and on Hyperliquid — $1.76 million.
The Fear and Greed Index dropped to 63 points, remaining in the "greed" zone. For comparison: a day earlier, the indicator stood at 69 points, a week ago — 65, and a month ago it was at 28 points, i.e., in the "fear" zone. Such dynamics indicate a gradual but unstable recovery of optimism among market participants.
Over the past 24 hours, positions of 87,296 traders were liquidated for a total of $339.17 million. The main blow fell on long positions — $272.95 million versus $66.22 million on shorts, which is explained by the almost continuous market decline during the day. The largest single liquidation order was executed on Binance for the ETHUSDT pair and amounted to $11.99 million.
Key Events of the Night
Over the next month, tokens worth more than $1.535 trillion in total will be unlocked. According to data from the Tokenomist service, one-time unlocks exceeding $10 million are expected for HYPE, XPL, ENA, ZRO, H, CARDS, and ARB. Gradual unlocks worth more than $10 million per month are ahead for RAIN, SOL, CC, TRUMP, ZEC, ASTER, WLD, MORPHO, PUMP, TAO, AVAX, and NEAR. Such events traditionally increase supply in the market and create pressure on the quotes of the respective assets.
In a joint study by ARK Invest and Glassnode, the decentralization of blockchains is analyzed. Only three participants reach the critical threshold of influence on block production in Bitcoin and Ethereum, whereas in Solana, 19 are needed for this. The authors note that the structure of mining pools and staking delegation does not allow this indicator to be directly equated with real control over the network. Meanwhile, Bitcoin's infrastructure demonstrates the most even geographic distribution of nodes: about 63% of them operate through Tor. Ethereum is more dependent on cloud providers — approximately 20% of its nodes are hosted on AWS. Solana's infrastructure is predominantly concentrated in data centers.
Hyperliquid Strategies (NASDAQ: PURR) has increased the size of its ChEF equity financing program from $1 billion to $2.5 billion. Under this program, the company may issue new common shares to Chardan Capital Markets as needed. The proceeds will be directed toward general corporate purposes, including a possible purchase of HYPE. Notably, after program sales reach the $1 billion mark, the issuance of shares cheaper than $12.02 per unit is limited to 42,641,847 shares, which constitutes 19.99% of the company's shares at the time of the terms change. This restriction can only be lifted with shareholder approval or at the request of Nasdaq rules.
Analytical commentary: The market is in a consolidation phase after an unsuccessful attempt to storm the psychological level of $80,000. Outflows from Bitcoin ETFs and upcoming unlocks of major tokens create a moderately bearish backdrop in the short term. However, the expansion of Hyperliquid's program and growing institutional interest in altcoins indicate that investors continue to seek entry points, diversifying their portfolios beyond the leading cryptocurrency. I recommend maintaining caution and closely monitoring the price reaction to the upcoming unlock events.