Summary
- Total crypto market capitalization fell 5.52% to $2.28 trillion in 24 hours.
- Kava plunged 41.9% while Bitcoin dropped 3.23% to $66,911.
- Spot Bitcoin ETFs logged $185.4 million in net outflows Friday, extending a two-week slide.
Bitcoin traded at $66,911.71, down 3.23% over the past day, as its dominance of the overall crypto market held at 58.77%. The broader market capitalization fell to $2.28 trillion, a 5.52% decline, while 24-hour trading volume reached $74.85 billion across more than 22,000 active cryptocurrencies. Ether's market share slipped to 10.12%, reflecting a decline that outpaced bitcoin's in several large-cap tokens.
The steepest move among widely tracked coins came from Kava, which fell 41.9% to $0.0399, the largest decline of any token in trending search data. Solana dropped 6.28% to $75.56, while Hyperliquid fell 7.74% to $68.31 intraday before separate trading data showed it down 8.37% to $68.06, placing it among the day's biggest losers alongside Ethena, down 9.15% to $0.1255, and Zcash, down 8.98% to $880.54. Uniswap declined 6.74% to $5.42.
Pressure on bitcoin has been compounded by sustained withdrawals from exchange-traded funds. US spot bitcoin ETFs shed $2.35 billion over two weeks, with BlackRock's IBIT fund posting its eleventh consecutive day of outflows, losing $143.5 million Friday alone. Fidelity's FBTC fund lost an additional $41.9 million the same day, bringing total Friday outflows across bitcoin ETFs to $185.4 million. The persistent redemptions point to institutional investors trimming exposure even as spot prices retreated.
Not every token moved lower. Figure Heloc rose 4.54% to $1.046, and MemeCore gained 3.57% to $0.856, while Akedo surged 86.9% to $0.01194 and Pearl climbed 6.12% to $1.52, outliers in an otherwise red market. Monero posted a modest 0.18% gain to $532.42, and LEO Token edged up 0.40% to $9.30, suggesting some capital rotated into smaller, less liquid names even as majors sold off.
The downturn coincided with broader industry developments, including workforce reductions at MegaETH's parent company as it pivots toward artificial intelligence infrastructure, and a Microsoft global technology outage later attributed to a network capacity issue rather than a cyberattack. Regulatory activity continued in parallel, with US authorities advancing crypto trust charters and increased congressional scrutiny of compliance practices at major exchanges. With bitcoin dominance still above 58% and ETF outflows unresolved, the market's near-term direction remains tied to institutional flow data and whether support levels near $66,000 hold through the coming sessions.