The cryptocurrency market faced heavy turbulence today as Bitcoin (BTC) dropped to around $109,800, down more than 2% on the day, with an intraday low of $108,951. Ethereum (ETH) also slipped 2.2%, trading near $4,525. The sudden downturn erased nearly $200 billion from the total market cap, triggered by a major whale sell-off of 24,000 BTC, which sparked a sharp flash crash and over $900M in liquidations, including $296M in ETH and $273M in BTC positions.
Despite the sell pressure, institutional interest remains strong with ongoing ETF inflows and crypto treasury firms tightening Bitcoin supply. Meanwhile, liquidity is shifting from BTC toward Ethereum and altcoins, suggesting possible rotation in investor focus. Interestingly, Cronos (CRO) surged nearly 30% following news of a new crypto treasury venture from Trump Media & Crypto.com.
Overall, while short-term volatility is rattling traders, the long-term picture still shows strong YTD gains for both BTC (+18%) and ETH (+31%). Investors are watching closely for whether BTC can hold above key support or face further downside.
