The digital asset market continues to suffer losses. Over the past day, leading cryptocurrencies have shown predominantly negative dynamics, and the total sector capitalization has declined under selling pressure. At the same time, a wave of token unlocks looms on the horizon, which could intensify volatility in the coming weeks.
Bitcoin and Ethereum: Bearish Sentiment Persists
At the time of analysis, around 09:30 Moscow time, Bitcoin (BTC) was trading near the $77,443 mark. Over the day, the price of the first cryptocurrency fluctuated in the range of $76,400–$79,200 and lost 1.86%. Ethereum (ETH) also came under pressure: the asset fell by 2.50% to $2,415, with an intraday range of $2,380–$2,475.
In the top 25 by capitalization, most coins moved into negative territory. The largest declines were shown by Canton (CC) — down 7.18%, Solana (SOL) — down 4.03%, XRP — down 3.27%, and Zcash (ZEC) — down 3.17%. Among the few exceptions were Uniswap (UNI) with a gain of 6.44% and Litecoin (LTC), which added 0.45%.
Among the top 100 assets, Filecoin (FIL) posted the best result, rising by 13.16%. Also notable were Kite (KITE) and Pyth Network (PYTH) with gains of 13.09% and 10.62%, respectively. The laggards were Dash (DASH) — down 10.92%, as well as Canton (CC) and Official Trump (TRUMP), which lost 7.18% and 6.27%.
ETF Flows and Liquidations
Spot Bitcoin ETFs broke their streak of inflows: net outflows over the day totaled $236.46 million. Meanwhile, 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 fell to 63 points, remaining in the "greed" zone. A day earlier, the reading stood at 69 points, a week ago — 65, and a month ago it was at 28, i.e., in the "fear" zone. This dynamic reflects a sharp shift in market participants' sentiment.
According to monitoring data, positions of 87,296 traders were liquidated over the day, totaling $339.17 million. The main blow fell on long positions — $272.95 million versus $66.22 million on shorts. The largest liquidation order was recorded on Binance for the ETHUSDT pair at $11.99 million.
Token Unlocks and Decentralization
Over the next month, tokens worth more than $1.535 trillion will be unlocked. One-time unlocks exceeding $10 million are expected for HYPE, XPL, ENA, ZRO, H, CARDS, and ARB. Gradual unlocks of 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 and create pressure on prices.
Special attention deserves a joint study by ARK Invest and Glassnode dedicated to blockchain decentralization. According to the report, just three participants reach the critical threshold of influence over block production in Bitcoin and Ethereum, whereas in Solana, 19 are needed for this. The authors emphasize that the structure of mining pools and staking delegation does not allow this metric to be directly equated with real control over the network. Bitcoin's infrastructure features the most even geographic distribution of nodes, about 63% of which operate via Tor. Ethereum is more dependent on cloud providers: roughly 20% of its nodes are hosted on AWS. Solana's infrastructure is predominantly concentrated in data centers.
Hyperliquid Strategies Expands Capital
Hyperliquid Strategies (NASDAQ: PURR) has expanded its ChEF equity financing program from $1 billion to $2.5 billion. Under the program, the company may issue new common shares in favor of Chardan Capital Markets as needed. The raised funds will go toward general corporate purposes, including a potential purchase of HYPE. After reaching $1 billion in sales, the issuance of shares below $12.02 per share is limited to 42,641,847 shares, which constitutes 19.99% of the current share count. The restriction can only be lifted with shareholder approval or at the request of Nasdaq rules.
My view: The wave of unlocks worth $1.5 trillion is a serious risk factor for altcoins in the coming weeks. Combined with outflows from Bitcoin ETFs and a decline in the greed index, the market could enter a correction phase. However, institutional interest in new products, especially on XRP and Solana, suggests that demand is being redistributed rather than disappearing. Investors should be cautious with leveraged positions — current volatility is clearly not on the side of margin.