Massive Sell-Off Incoming?
Happy Friday!
The crypto market has suffered a correction that started last week. Bitcoin has pulled back from its recent highs and has dragged the altcoin market down along with it.
While some institutional interest persists, the overall sentiment has shifted towards caution.
Bitcoin is now trading at around $103,224.98, with a decline of approximately 0.77% over the past 7 days. This dip comes after the cryptocurrency recently peaked near $112,000.
Crypto Market Summary
Bitcoin has pulled back from its highs and is currently trading around $103,224.98. This comes alongside a manageable weekly decline of roughly 0.77%.
Market sentiment, as indicated by the Crypto Fear and Greed Index, has moved into "Neutral" at 45/100. This is down from "Greed" at 60/100 a week ago and 65/100 just last week.
Bitcoin's market dominance is strong regardless, and the market is still solidly in a "Bitcoin Season," according to the Altcoin Season Index.
Most altcoins are in the middle of declines, with Ethereum trading around $2,416.45 (down about 8.18% in the past week), Solana near $142.73 (down about 14.10%), BNB at $663.61 (down about 3.18%), Dogecoin at $0.19 (down about 15.05%), and XRP at $2.21 (down about 0.73%).
Despite some mixed signals in Bitcoin ETF flows, institutional confidence could be shifting, with a reported 23% drop in institutional Bitcoin ETF holdings in Q1.
General Market Overview
The total crypto market cap currently stands at approximately $3.17 trillion, after major fluctuations over the past week.
Analysts say that Bitcoin has entered a higher degree ABC correction, and there have been reports of a possible retest of the $93k-$97k support zone.
While some altcoins might see temporary recoveries, the overall trend is not outright bearish but rather in a consolidation as the total crypto marketcap “might” retest the $2.8T-$3.0T support zone.
In terms of market sentiment, the Altcoin Season Index is currently at 23/100, which means that the market is strongly in a "Bitcoin Season."
This also means that Bitcoin has been outperforming most altcoins over the past 90 days.
Over the last week, Tether's USDT market cap hit a record high of $154 billion.
The Ethereum Foundation also announced plans to roll out a new treasury policy and double down on DeFi.
JPMorgan has finally decided to begin accepting Bitcoin ETFs as collateral for loans.
Overall, the market has seen a cool-down this week, with investors walking on eggshells around the market.
The coming week will likely see more of this crabwalk with Bitcoin, unless a break above $107,000 or a break below $100,000 occurs at some point.
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Market Watch
Bitcoin to $300K? Top Analyst Reveals 4 Catalysts Behind the Surge
Crypto analyst Scott Melker believes that Bitcoin could reach $300,000 by 2025.
The approval of Bitcoin Spot ETFs has opened the door for massive institutional investment.
The increase in political support for crypto, especially from figures like Donald Trump, is making the asset class more legitimate.
Sovereign wealth funds, especially from the Middle East, are beginning to allocate capital to Bitcoin.
250x Altcoin Rally Incoming? Analysts Say ETH Breakout Could Spark 2025 Altseason!
Analysts are predicting an upcoming "altcoin season" driven by Ethereum's incoming breakout against Bitcoin as a key indicator.
Historically, a strong ETH/BTC performance, like in 2020-2021, has happened alongside massive altcoin surges (e.g., 2,500%+).
Technical patterns show that an altcoin rally mirroring 2017 and 2020 could be underway.
Despite long-term bullish signals, Ethereum is facing short-term volatility and whale-driven selling pressure.
Solana in Trouble? $600M Token Dump Could Drag Price to $85
Solana's price has recently dropped to around $162, with technicals ringing alarm bells of a further fall to $142.
An upcoming $600 million SOL token unlock between June and August is a major source of selling pressure.
Solana currently outperforms Ethereum in 30-day DEX trading volume and fee generation.
Despite Solana's impressive TVL growth, Ethereum still holds overall dominance in Total Value Locked.
News and Insights
$450M XRP Push? Here’s Why These Firms Are Loading Up on Ripple
Three major companies are jumping in on XRP for their corporate treasuries and payment solutions.
Wellgistics Health has secured a $50 million credit line to use XRP for real-time pharmaceutical payments.
VivoPower International plans to invest $100 million in XRP holdings, which is supported by a Saudi Prince and secured with BitGo.
Webus International is filing with the SEC to raise $300 million for an XRP reserve.
Why This Trader Is Doubling Down on Bitcoin — Is There Something We Don’t Know?
James Wynn, a high-risk Bitcoin trader, made another $100 million leveraged bet just days after losing a similar amount.
Wynn's latest position is worth 945 BTC with a liquidation level of approximately $103,630.
He claims "market makers" are actively targeting his positions and are deliberately manipulating the market.
Some members of the crypto community are crowdfunding donations to support Wynn's bet.
California Backs Crypto: State Agencies to Accept Digital Payments by 2026
California's AB 1180 passed the State Assembly unanimously, which has paved the way for crypto acceptance in government payments.
The bill proposes a pilot program from July 2026 to January 2031 that will allow state agencies to accept crypto payments.
An accountability structure requires the DFPI to report on the program's success by January 2028.
AB 1180, alongside AB 1052 ("Bitcoin Rights" bill), is geared towards mainstreaming crypto for both public and private transactions in California.
Video of the Week
Is the U.S. Quietly Loading Up on Bitcoin?
A deep dive into how the U.S. might acquire more Bitcoin—through gold revaluation and other bold strategies being discussed in Washington.
Howard Lutnick and others suggest using external revenue to fund Bitcoin buys.
The Bitcoin Act of 2025 proposes revaluing U.S. gold certificates (from $43/oz to around $3,100/oz).
Revaluation could unlock billions in capital to purchase Bitcoin for national reserves.
Other creative funding options include tariffs, interagency initiatives, and more.
“Everything’s on the table”—officials are exploring all avenues to increase BTC holdings.
That's a wrap for today!
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