The crypto market is reeling with established cryptocurrencies like BTC and ETH losing value. The downturn has caused the broader crypto market to slide to $3.25 Tn and the Fear and Greed Index to switch to 18, indicating extreme fear.

In the last 24 hours,

Bitcoin

Bitcoin

0.66%

dropped to $94,000 before buyers staved off any further decline, and the crypto gold rose above the $95,000 level, where it is currently trading. Its price action has stabilized above $96,017.53 and is on its way to retest the $96,000 support-turned-resistance level.

BTC and ETH Overview On CoinMarketCap

(Source: CoinMarketCap)

BTC price action corrected from $103,000 -$105,000, where it was consolidating after weeks of weakening demand. These sharp price swings do not result from everyday retail investors. Instead, whales and institutional investors drive these swings.

Bitcoin

BTC

$96,017.53

0.66%

24h

Market Cap

$1915.50679B

24h

7d

30d

1y

All Time

These entities hold thousands of BTC in a single wallet, and their trades can move more volume than crypto exchanges. In a market with low liquidity, even one large transaction can shift investor sentiments and trigger a price change.

The flow of money in and out of ETFs and corporate treasuries largely directs the direction of BTC today. When investors either invest or withdraw billions of dollars in a single day, it can cause BTC to either crash or surge.