Summary
- Total crypto market capitalization fell 9.8% in 24 hours to $2.15 trillion.
- Bitcoin dropped 8% to $62,720 while Ethereum fell 10.8% to $1,720.
- Kava collapsed 45.8% to $0.0369, the steepest decline among tracked coins.
The global cryptocurrency market shed approximately $230 billion in value over a single day, with total market capitalization falling 9.8% to $2.15 trillion, according to CoinGecko data. Bitcoin, which commands 58.5% of total market share, dropped 8% to $62,720.40. Ethereum fell further, losing 10.8% to trade at $1,720.55. The declines extended across nearly every major digital asset, with 24-hour trading volume reaching $106.7 billion as investors moved to exit positions.
The downturn coincided with continued outflows from US spot Bitcoin exchange-traded funds, which shed $2.35 billion over the prior two weeks. BlackRock's IBIT fund recorded its eleventh consecutive day of losses, with $143.5 million in net outflows on Friday alone, while Fidelity's FBTC lost $41.9 million in the same session. The sustained ETF withdrawals point to institutional investors reducing exposure to Bitcoin even as the broader market absorbed heavier selling pressure.
Among trending tokens, Uniswap posted the sharpest loss, falling 17.3% to $4.73, placing the decentralized exchange token among the day's worst performers despite its position as the 30th-largest cryptocurrency by market capitalization. Hyperliquid dropped 11.4% to $63.27, Solana fell 11.1% to $68.78, and Near Protocol declined 12.9% to $2.99. Bittensor also registered a steep drop of nearly 16% to $181.19, reflecting broad weakness across artificial-intelligence-linked tokens.
The most severe move came from Kava, which plunged 45.8% to $0.0369, far outpacing losses elsewhere in the market. The scale of the decline marks Kava as the day's most dramatic mover, though the token ranks 466th by market capitalization, limiting its impact on overall market totals. Pump.fun and Ondo also posted double-digit losses, falling 17.6% and 13.7% respectively, underscoring pressure on decentralized finance and tokenized-asset platforms.
Stablecoins were the rare pocket of stability, with Tether and USDC each posting marginal gains under 0.05%, consistent with their design to hold a fixed dollar value rather than reflecting genuine market strength. Separately, Kraken parent Payward reported that its share of global spot trading nearly doubled even as adjusted earnings fell 66% year over year, suggesting exchanges are gaining volume amid lower overall trading activity. With Bitcoin dominance holding near 58.5% and institutional outflows persisting, the market's near-term direction remains tied to whether ETF selling pressure eases in coming sessions.