$ETH Why Is the Crypto Market Dropping Today?

Over the past 24 hours, the crypto market has taken another hit — and this drop isn’t just part of broader macro trends. Here’s what’s actually driving the most recent sell-off:

1. ETF Delay Sparks Uncertainty

The SEC’s unexpected delay in deciding on several pending spot Ethereum ETF applications has rattled market sentiment. Traders had been pricing in approvals by the end of this quarter — the delay was taken as a red flag, especially for institutional adoption narratives.

2. Whales Taking Profit at Resistance Levels

Bitcoin’s struggle to reclaim the $95K+ zone led to a string of large profit-taking transactions from whales, triggering a cascade of stop-losses and long liquidations across perpetual markets. Over $500M in long positions were wiped in less than 12$BTC