The cryptocurrency market continues to face strong downward pressure: the total global capitalization has dropped by about 3% to approximately $3.8 trillion. The CoinDesk 20 index fell by about 3.6%, reflecting the risk-averse sentiment dominating the market. Bitcoin is currently fluctuating around $110–111k, losing more than 2–3% in the day. Ethereum also experienced a sharper decline, around 5–5.5% in the same time frame.

Contributing factors include a larger whale transaction of over $2.7 billion, along with nearly $13.8 billion in expiring options contracts, creating strong selling pressure on the market. Additionally, the slowdown in expectations for interest rate cuts by the Fed – although there are still signals supporting a 25 basis point cut next month – is not strong enough to lift investor sentiment.

Meanwhile, the Solana futures market recorded a notable increase: open interest reached a record high, although Solana's application revenue shows signs of decline. Finally, another noteworthy point is that Bitcoin's dominance in the market has decreased to around 56–57%, indicating that altcoins are gradually attracting more attention from investors.$BTC $ETH $SOL