On Friday, the price of Bitcoin fell to $103,703 on Bitstamp, decreasing by more than 2% against the US dollar in the last 24 hours.
The entire cryptocurrency market has suffered, now valued at $3.28 trillion after a decline of 2.86%, with altcoins showing decreases across the board.
The fall of Bitcoin, losses of altcoins, and the crash of derivatives
Bitcoin (BTC) continued to decline after reaching its all-time high on May 22, now sitting 6.8% below that mark.
After dropping below the $104,000 mark, BTC remained just above it by 2 PM Eastern Time on Friday.
Market activity has increased, trading volume rose by 14.68% to $150.41 billion, but most of this momentum came from sellers.
BTC decreased by 2%, Ethereum (ETH) fell by 4.17%, XRP decreased by 4.5%, Solana (SOL) dropped by 6%, and Dogecoin (DOGE) fell by approximately 10%.
Derivatives markets were hit hard as long positions were liquidated.
By 2 PM, $841.18 million had been liquidated, of which $765 million were long positions. BTC accounted for over $233 million of those losses.
On centralized platforms, the largest single liquidation occurred on OKX — a BTC-USDT-SWAP worth $12.74 million.
The famous whale Hyperliquid James Wynn also saw significant liquidations as the price of Bitcoin fluctuated. After already losing tens of millions and briefly coming back to zero, Wynn was liquidated again — this time on a decentralized exchange (dex).
At the time of publication, he still holds a 40x long position on BTC, with a nominal value of approximately $54,867,389.
The price dynamics of the week indicate a fragile equilibrium, where increased trading volume hides a deeper layer of uncertainty.
As liquidations increase and leveraged bets unwind, market participants may need to reassess their expectations.
Data indicates a volatile reassessment of sentiment, where even experienced traders are not immune. Given the fluctuations in sentiment, the next directional move may determine short-term beliefs. By 2:30 PM on Friday, BTC bulls are trying to break the $105,000 level again.
