Crypto Market Drops 4% as Bitcoin Falls 1.68% and Ethereum 4.29%

The global crypto market experienced a significant downturn in the past 24 hours, with the total market capitalisation decreasing by nearly 4% to approximately $3.51 trillion. This decline affected almost every asset in the top 100 list, with Bitcoin trading near $107,688 and Ethereum around $2,736. Altcoins also felt the pressure, with Dogecoin at $0.1877, Solana at $158, and Cardano at $0.6827.

Despite the overall market decline, spot Ethereum ETFs in the US continued to attract larger inflows compared to Bitcoin ETFs. On 11 June, BlackRock’s ETH ETF saw a one-day inflow of $160 million, contributing to a total of $240 million in net inflows for Ethereum ETFs. In contrast, spot Bitcoin ETFs totalled $45.22 billion, but inflows for the same day were more modest at $133 million. Ethereum ETFs have seen cumulative inflows of $3.74 billion over 18 straight days, indicating a shift in investor behaviour towards Ethereum.

The strength of ETH ETF flows coincides with Ethereum’s rebound from recent lows, driven by factors such as the Pectra upgrade, increasing DeFi activity, and favourable regulatory commentary. On-chain analysts interpret this as a sign of shifting sentiment, with investors showing more interest in Ethereum due to its technological advancements and regulatory support.

The broader downturn in crypto assets was led by Bitcoin’s decline of around 1.68%, dragging it down from earlier highs near $110,350 to current levels near $107,688. Ethereum lost about 4.29%, dipping from intraday highs of $2,868 to today’s $2,736. Altcoins suffered deeper losses, with Dogecoin falling roughly 7.5% to $0.1876, Solana dropping about 5–6% to $158, and Cardano slipping nearly 5.4% to $0.6827. These declines reflect a market-wide pullback following softer US inflation data and renewed uncertainty stemming from US-China trade discussions.

On-chain data highlights several warning signs, with much of the supply of Bitcoin clustered close to current price levels. This clustering means that even small flips in sentiment can trigger outsized moves. Options markets appear complacent, with implied volatility remaining low despite on-chain activity suggesting increasing volatility risk. Similarly, Ethereum options show subdued volatility pricing, despite its rebound and growing ETF interest. Analysts suggest both chains may be underestimating potential spikes during events like regulatory developments or protocol changes.

Crypto markets are reacting in step with macroeconomic trends, with increasing tensions in the Middle East and US President Donald Trump saying he would impose unilateral tariffs on trading partners within two weeks feeding into asset-price uncertainty. Equities followed suit, with the Nasdaq-100 and S&P 500 falling 0.37% and 0.27% respectively, adding to crypto’s downward pressure. However, institutions continued with activities despite the market volatility. The Ant Group is advancing plans to launch stablecoins in Hong Kong, Singapore, and Luxembourg. The US Senate also voted to proceed with a substitute amendment to the stablecoin-focused GENIUS Act, showing that regulatory momentum in digital assets continues even amid price volatility.

Ethereum’s progress is further underpinned by the recently activated Pectra upgrade and influential endorsements from regulatory figures. Meanwhile, Bitcoin maintains key technical levels, with on-chain analysts highlighting support at $97,600 and resistance near $115,400. Investor sentiment has cooled somewhat, with the Crypto Fear and Greed Index easing from 65 into more neutral territory. Yet on-chain data suggests selling remains limited, with only around $200 million of realised losses recorded, indicating present declines have been absorbed by long-term holders.