The sell-off in cryptocurrency markets accelerated sharply on Saturday, with Bitcoin (BTC) breaching the critical $80,000 support level for the first time in months, falling to as low as $75,000. Ethereum (ETH) also slumped, hitting $2,300 — its lowest point in recent weeks. The total market capitalization of all coins dropped 5.5% in 24 hours to $2.63 trillion.
The worst-hit tokens included River, Story, Lighter, Virtuals Protocol, Worldcoin, and Pudgy Penguins, each plunging more than 15%.
Futures Open Interest Nosedives, Record Liquidations
The crash coincided with a steep decline in open interest across crypto futures, which fell to $113 billion. In the past 24 hours, total liquidations surged past $1.6 billion, with Bitcoin accounting for $570 million and Ethereum for more than $554 million. Solana and XRP also saw significant forced closures. Data shows over 408,000 traders were liquidated.
U.S. Bitcoin ETFs See Three Months of Outflows
Bitcoin ETFs have recorded net outflows for three consecutive months through the end of June, signaling weak buying appetite from both institutional and retail investors. Other thematic ETFs like those tracking XRP and Solana also underperformed. Meanwhile, the Crypto Fear & Greed Index slid to 26, deep in the 'fear' zone, after peaking at 60 earlier this year.
Trump's Hawkish Fed Pick Adds to Macro Risks
Investors are increasingly concerned about President Donald Trump nominating Kevin Warsh to replace Jerome Powell as the next Federal Reserve chair. Warsh has a history of delivering hawkish policy statements, which could mean tighter monetary conditions once confirmed by the Senate. Geopolitical tensions also escalated: the U.S. may launch strikes on Iran in the coming days, with Iran threatening to close the Strait of Hormuz in retaliation. Such a move would likely push oil prices higher and fuel broader market volatility.
Bitcoin's Safe-Haven Narrative Questioned Again
Bitcoin has repeatedly underperformed traditional safe-haven assets during periods of heightened risk. The latest crash reignites debate over its claimed status as 'digital gold'.