Bitcoin (BTCUSD) dropped to $115,000 early Friday, extending a week-long decline as profit-taking and waning investor sentiment weighed heavily on the market. The largest cryptocurrency has now fallen more than 3% over the past seven days, dragged down by sustained selling, particularly from retail traders locking in gains.
The recent dip follows Bitcoin’s surge to an all-time high of $123,000 earlier this month. Since then, BTC has struggled to hold ground, fluctuating between $117,000 and $120,000 before Friday’s sharp downturn.
The sell-off was not isolated to Bitcoin. The broader cryptocurrency market also retreated, shedding over 1% from its total market capitalization, now estimated at $3.77 trillion, according to market trackers. However, the 24-hour trading volume jumped by 9.15%, suggesting rising volatility rather than renewed bullish momentum.
Meanwhile, Ethereum (ETHUSD) showed relative resilience, inching up 0.08% to $3,633 on Friday. ETH had briefly surged past $4,000 amid renewed interest from investors, buoyed by its growing role in the so-called “alt season.” Spot Ether ETFs have attracted nearly $2.4 billion in net inflows over the last six trading days — nearly triple the $827 million recorded by spot Bitcoin ETFs in the same period, data from Farside Investors revealed.
Ripple (XRP), another market heavyweight, hit a new high of $3.65 last week, surpassing its 2018 record. However, it has since pulled back to around $3.08, down 12% week-over-week. Analyst Dom noted that the correction wiped out nearly $1.3 billion in open interest, or 30% of the total — a classic case of a leverage flush-out following an aggressive rally.
Solana (SOLUSD) and other altcoins also reflected the broader market’s fragility, experiencing similar swings amid profit-booking and reduced risk appetite.
Friday’s selloff, analysts say, was driven by a combination of over-leveraged positions, profit-taking from recent highs, and a flight of capital from riskier digital assets. While short-term volatility persists, the mood in the market remains cautious, with hopes of a sustained rally now dimmed.
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