- Bitcoin futures open interest remains high amid sharp price swings and ongoing leverage adjustments.
- Major cryptocurrencies, including Bitcoin, Binance Coin, and Solana, saw price declines over the past 24 hours.
- Despite market volatility, U.S.-listed Bitcoin exchange-traded funds attracted $2.72 billion in new inflows this week.
- Liquidations across the crypto market totaled approximately $427 million in the past 24 hours.
- Stock performance for Bitcoin-related equities was mixed, with Strategy (MSTR) up and Bitmine Immersion Technologies (BMNR) down slightly.
Bitcoin prices declined in early Friday trading, accompanied by a downturn across major cryptocurrencies. Binance Coin (BNB) and Solana (SOL) recorded among the largest losses among the top digital assets by market cap.
Within the previous 24 hours, Bitcoin fell 0.8% to around $121,300. Meanwhile, trading volumes remained high and retail investor sentiment was classified as bullish. According to on-chain analytics from Glassnode, this volatility occurs during a period of “leverage reset” after sharp market swings disrupted both bullish and bearish futures traders.
Data from SoSoValue shows that spot Bitcoin exchange-traded funds (ETFs) listed in the United States obtained about $2.72 billion in inflows over the past week. However, CoinGlass reported that market turbulence led to roughly $427 million in liquidations as traders with leveraged positions faced losses. “BTC Futures Open Interest remains elevated as both longs and shorts are being whipsawed by sharp price swings,” Glassnode stated.
Among major tokens, BNB decreased by as much as 2% from its recent record highs, trading at around $1,250. Solana was down 1.1% at approximately $219. Retail sentiment for both cryptocurrencies was reported as bullish. Ethereum (ETH) experienced a smaller loss of 0.5%, dropping to around $4,300 with sentiment sliding into bearish territory.
Alternative cryptocurrencies XRP (Ripple), Cardano (ADA), and Dogecoin (DOGE) moved against the trend, posting modest gains. Dogecoin rose up to 2%, Cardano 0.8%, and XRP edged up 0.1%, although sentiment for Dogecoin remained bearish.
Shares of Strategy (MSTR), the largest corporate holder of Bitcoin, climbed 0.78% in pre-market trading. In contrast, Bitmine Immersion Technologies (BMNR) slipped by 0.70%, and crypto-exchange Coinbase (COIN) shares traded flat. Coinbase CEO Brian Armstrong announced that the company’s self-custodial Base App wallet would launch later this year.
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