MarketImpact

#Cryptocurency
#MarketImpact
“From a technical standpoint, BTC has formed a potential double top on the chart, suggesting a short-term correction may be underway.” says Ruslan Lienkha, chief of markets at YouHodler.
Crypto saw a notable drop today. 98 of the top 100 coins have recorded decreases over the past 24 hours. The cryptocurrency market capitalization has dropped by 6.1% to $3.38 trillion. The total crypto trading volume is at $168 billion, the highest it’s been in days.
TLDR:
The market has continued yesterday’s pullback, entering consolidation;
A short-term correction may be underway;
Crypto market sentiment moves towards the fear zone;
Bitcoin drops below the $105,000 level;
Another all-time high is possible;
US spot ETH ETFs continue to outperform their BTC counterparts with 18 consecutive days of inflows;
Additional drops are likely.
Crypto Winners & Losers
Continuing a decline that started yesterday, all top 10 coins per market cap have seen their prices drop over the past 24 hours.
Bitcoin (BTC) fell by another 2.7% to the current price of $104,694.

Ethereum (ETH) recorded the second-highest fall on the list of 7.9% to the price of $2,529.
The top loss is Solana (SOL)’s 8.7%, which now trades at $145.At the same time, the smallest decrease is Tron (TRX)’s 0.5% to the price of $0.2738.
Moreover, only two of the top 100 coins have appreciated today. WhiteBIT Coin (WBT) is up 3.3% to $33.58, while LEO Token (LEO) increased by 2% to the price of $9.05.
On the other hand, sixteen coins saw double-digit decreases. The highest among these is SPX6900 (SPX)’s 18.6%, currently trading at $1.38.
Ruslan Lienkha, chief of markets at YouHodler, highlighted that financial markets are hesitant, despite a mildly positive inflation print in the US and consumer prices rising slightly less than expected.
“Ongoing geopolitical tensions and renewed tariff rhetoric from Donald Trump continue to weigh on investor sentiment, preventing a clear upward breakout,” Lienkha says.
A Short-Term Correction May Be Underway
James Toledano, Chief Operating Officer at Unity Wallet, commented that we can’t say what is exactly happening at the moment.
“Bitcoin seemed as if it were heading for a new all-time high before retreating,” he writes. “It is truly hard to know if a single factor or a confluence of factors is at play here.”
Institutional inflows have been supporting the recent rally, and with BTC hovering just below its May peak, “another all-time high seems realistic if these trends persist.”

Moreover, Ruslan Lienkha argues that BTC appears to be entering a consolidation phase. “From a technical standpoint, the asset has formed a potential double top on the chart, suggesting a short-term correction may be underway.”
The coin has spent most of the year trading within the $90,000–$110,000 range, which may serve as a key support and accumulation zone before a new attempt at an ATH.
Meanwhile, altcoins are showing signs of divergence, Lienkha says. ETH, SOL, and XRP have been trading sideways and remain significantly below their previous ATHs. “This subdued performance also reflects a declining short-term correlation with Bitcoin.” However, speculations around a forthcoming Solana ETF approval “translate into fresh capital inflows” for this coin.

Levels & Events to Watch Next
At the time of writing, BTC trades at $104,694, falling below the $105,000 mark. This is up from the intraday low of $103,081 and down from the intraday high of $108,356, which the coin held very briefly. It’s currently down 6.3% from the all-time high of $111,814.

In the same time period, Ethereum saw a notable plunge from its intraday high of $2,767 to the intraday low of $2,469, correcting slightly upwards since.

Meanwhile, the crypto market sentiment keeps retreating into fear. It’s currently in the neutral zone, falling from 65 seen yesterday to 54 today. This suggests that the concerns over market overheating and heading for an additional correction are easing.
“Encouragingly, the wave of fear in market sentiment did not translate into a meaningful shift in spending behavior,” Glassnode says.

Moreover, US BTC spot exchange-traded funds (ETFs) saw another day of net inflows, though it’s nearly half of yesterday’s amount. It stood at $86.31 million on Thursday. BlackRock took in $288.33 million, but others ended the day with significant losses.

At the same time, US ETH spot ETFs have recorded 19 consecutive days of inflows, surpassing the BTC counterparts again with $112.36 million in inflows on 12 June. BlackRock’s share here is $101.53 million, and Fidelity’s is $10.83 million.

Meanwhile, stablecoins have been increasingly drawing investor attention. Total stablecoin market capitalization has reached a new all-time high of $250.949 billion, per DeFiLlama.

According to Toledano, “the ease with which USDT and USDC can be converted into both digital assets and fiat currencies enhances their appeal, offering unmatched convenience and flexibility within a rapidly evolving financial landscape.”
Monthly stablecoin flows reached $717 billion–$719 billion from February to April, and annual volumes topped $27.6 trillion, surpassing Visa and Mastercard. Therefore, “stablecoins appear increasingly unstoppable, cementing their role as a transformative force in global finance.”

Quick FAQ
Why did crypto move against stocks today?
The crypto market recorded a notable pullback today, while the stock market noted an uptick. The S&P 500 has increased by 0.38%, the Nasdaq-100 is up 0.24%, and the Dow Jones Industrial Average rose by 0.24%. The markets are responding to fresh economic data and are waiting for additional details on US-related trade deals.
Is this dip sustainable?
The market is entering another consolidation phase. Further drops are possible, but so are the new all-time highs.

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Markets Need Real Liquidity, Not Illusions
This op-ed explains why real, sustainable liquidity — not LaaS or inflated metrics — is essential for financial market stability.
In the financial markets, not all liquidity is the same. Good liquidity has instant execution, dependable prices, and steady availability, especially when prices change quickly. With that in mind, firms should look at quality measures, like the number of orders, how often orders fill, and how trades affect the market, instead of just total volumes.
Liquidity also has a behavioral side. Market liquidity does not involve only technical aspects — it also links with behavioral economics. Sentiment, fear, and herd mentality play a major part in how liquidity changes, especially during a crisis. Knowing the hidden cost of weak liquidity should cause firms to put money into better and tougher liquidity systems. This protects them from possible market upsets.
In this context, veteran investors learned their hard lessons, stating that real liquidity is far more important than just nominal aggregated figures crafted to please financial regulators. It’s the true liquidity that plays a key role in shaping the efficiency and stability of financial markets.
Shifting Focus From Volume Metrics to Market Resilience
It’s high time that many financial institutions strategically pivot towards secure liquidity infrastructure instead of relying solely on aggregated liquidity. The financial sector has faced its fair share of vulnerabilities with liquidity aggregation models, particularly during those nail-biting market stress moments.
The truth is that sustainable market health is based on real liquidity. Relying on LaaS (Liquidity-as-a-Service) and other liquidity aggregation models may confuse and, hence, jeopardise investors, putting traders and platforms at risk. There have been episodes of market crashes due to liquidity bottlenecks, not to mention the infamous bank runs where clients were unable to withdraw their funds from ATMs, sometimes due to rather trivial technical issues and herd mentality.
Thus, LaaS is nothing more than the artificial liquidity that market makers or algorithmic trading firms provide. While it can boost market efficiency when things are calm, it might vanish during extreme volatility, leaving traders vulnerable to liquidity shortages. Only real liquidity can truly support price discovery and prevent those sudden market crashes. Without it, we risk triggering a chain reaction of failures in financial markets, which can lead to wider economic instability.
There’s firm evidence that most stock market crashes directly stemmed from sudden liquidity crunches. Research from MIT explores how liquidity-driven selling can trigger market crashes even in the absence of major economic shocks. The 2008 financial crisis and the 2023 banking turmoil demonstrated how liquidity evaporates when confidence collapses.
Reassessing Liquidity: Lessons Learned From Market Crashes
Market crashes have repeatedly exposed the fragility of liquidity assumptions, compelling financial institutions and investors to reassess what constitutes real liquidity.
Bear Stearns, a major investment bank, faced a liquidity crisis during the 2008 financial meltdown. The financial powerhouse had significant exposure to mortgage-backed securities (and other, even more toxic leveraged forms of them, CDOs), and as market confidence eroded, liquidity dried up. The Big Three credit rating agencies failed to timely recognize the accumulation of risks, so only after the U.S. government intervened to prevent systemic contagion, bailing out TBTF (“too-big-to-fail”) banks, the financial and economic catastrophe was averted. That memorable episode underscored the importance of liquidity buffers.
In another, more recent example, Silicon Valley Bank’s (SVB) sudden collapse in 2023 served as one more warning to maintain the system’s liquidity at healthy levels at all times. The bank had a high concentration of uninsured deposits, and when customers rushed to withdraw funds, SVB couldn’t liquidate assets fast enough to meet demand. This led to a rapid collapse, exposing weaknesses in liquidity risk monitoring. SVB’s failure was a stark example of liquidity mismanagement.
Vivid examples of these flash crashes illustrate the importance of stress testing liquidity scenarios. Banks failing to anticipate and timely address liquidity mismatches risk encountering rapid insolvencies — originating not from their insufficient capital, but from simple cash handling mistakes.

Final Words
All in all, my arguments support the thesis that real liquidity is far more important than Liquidity-as-a-Service due to the security risks associated with LaaS. Having a solid financial infrastructure is key to staying resilient in unpredictable markets, and real liquidity is crucial for achieving that stability. Sure, LaaS can make liquidity management easier and more efficient, but it just can’t match the reliability and security of real liquidity.
As the financial markets keep changing and facing new challenges, it’s vital to prioritize real liquidity over LaaS to maintain the long-term health of the financial system. And let’s not overlook the importance of diversification. The classic advice about not putting all your eggs in one basket is as relevant as ever. Platforms should expand their liquidity sources beyond just foreign exchange and cryptocurrency, bringing in equities, commodities, and fixed-income assets. This strategy will significantly reduce the risks associated with relying on a single market for liquidity and enhance overall stability.

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