Emre Yumlu 
Following the recent rallies, investors turning to profit-taking have brought about a pullback across the broader market. Weakness in total market capitalization and Bitcoin has drawn attention, while losses have been felt more sharply in some altcoins. The asset that diverged most negatively during the day was Story (IP).
Total Market Capitalization Drops by $97 Billion
Over the past 24 hours, the total value of the cryptocurrency market declined by approximately $97 billion, falling to $3.08 trillion. This picture indicates that investors have entered a risk-reduction phase after recent gains. Experts view such corrections following a prolonged upward trend as a natural part of the market cycle.
From a technical perspective, it is observed that the market is struggling to maintain the $3.09 trillion level as support. If selling pressure continues, a pullback toward $3.05 trillion may come into play. On the other hand, if buyers regain strength, reclaiming the $3.09 trillion level as support could pave the way for a recovery that pushes total market capitalization toward $3.16 trillion.
Bitcoin Below $90,000!
Bitcoin (BTC) fell to as low as $89,984 amid the intraday decline. Losing the $93,471 level as support increased selling pressure on the leading cryptocurrency and negatively affected overall market sentiment.
In the short term, the $90,000 level stands out as a critical threshold for Bitcoin. It has slipped below this level, and the decline could deepen toward $89,241. On the other hand, if BTC manages to reclaim $91,511 as support, it may become possible for the price to retest the $93,471 level.
Ethereum Also Joins the Decline
Ethereum continues to retreat in line with overall market weakness. With the latest wave of selling, the ETH price slipped below the $3,100 level, reflecting the decline in investor risk appetite and the synchronized pressure seen across major crypto assets.
From a technical standpoint, the $3,100 level stands out as an important short-term threshold. If price action remains below this area, selling pressure may intensify; however, if buyers step back in, Ethereum may attempt to regain this level.
Institutional Activity Continues
Despite the market downturn, notable developments continue on the institutional front. Coinbase CEO Brian Armstrong, in his assessments of U.S. stablecoin regulations, pointed to China as an example and emphasized the importance of yield-sharing models. These statements align with the company’s strategy to protect its stablecoin revenues.
In addition, Morgan Stanley has applied for spot Ethereum ETFs that aim to track the price of Ethereum and offer staking rewards. This move, following Bank of America’s expansion of crypto access, shows that institutional interest in digital assets continues to strengthen.
This content does not constitute investment advice under any circumstances.
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