Crypto Markets Today: BTC Price Holds Steady During a Wave of Sell Pressure ; Altcoin Prices Slide
Bitcoin remained stable despite significant sell pressure from large holders, while most altcoins, including Ether, experienced broad declines.Summary
The cryptocurrency market saw Bitcoin (BTC) maintain a steady price around $91,462 despite a large supply shock, as a long-term holder moved $228 million in BTC to Kraken, and miner MARA Holdings transferred $58 million to exchanges. Trading volume for BTC rose 5% to $81 billion, absorbing the selling pressure.
In contrast, the altcoin market suffered broad declines; Ether (ETH) tumbled 3.4%, contributing to the CoinDesk 20 (CD20) index falling by 0.66%, and the altcoin season index dropped to 26/100. Exceptions included Cosmos (ATOM), which rose over 10%, and Zcash (ZEC), which gained 8.7% extending its multi-month ascent.
Leveraged crypto futures saw over $600 million liquidated, mostly long bets, suggesting bullish leverage is unwinding. Meanwhile, Base founder Jesse Pollak announced plans to launch a new token, JESSE, drawing skepticism due to the prior collapse of his 'content tokens,' as memecoins continue to significantly lag the broader market.
(Source：CoinDesk)