Market Overview
We are down $176B in seven days. That’s the number that actually matters. Today’s global market cap sits at $2.86T, technically down just 0.97% since yesterday, but don't let the low volatility fool you. We are three days into a red streak, and the internal metrics look ugly.
The headlines are screaming about a "crash" to $81k, but looking at the movers, we are mostly flatlining. BTC is down a negligible 0.11%. ETH is up 0.07%. This is consolidation. The damage was done earlier in the week (today is just the hangover. The real story isn't the price) it's the infrastructure.
Bitcoin & Majors
Bitcoin is trading heavy. The price is hovering, but the hashrate — the computational power securing the network — plummeted 12%. That's massive. It means miners are capitulating. They are turning off machines because it's no longer profitable. Usually, this marks a local bottom, but it feels terrible while it's happening.
Meanwhile, JPMorgan is out here claiming Bitcoin futures are "oversold" and retail is fleeing to gold. The suits think the rotation is real. My read? Leverage just got wiped out, and now they want your cheap coins.
Solana ($SOL) managed a tiny 0.09% gain. This is a miracle considering Step Finance just got drained. A security breach unstaked $30 million worth of SOL. Normally, that nukes the price. The fact that SOL held steady suggests the sellers are exhausted.
Outliers
Not much movement today in terms of price, which is suspicious in itself.
- Sky ($SKY): Down 1.21%. The biggest loser in a flat market. Not a great look.
- BitMine Immersion: Not a token, but a tragedy. They are sitting on a $6 billion paper loss on Ether. That's the kind of leverage unwind that keeps caps suppressed.
- Surge ($SURGE): Making noise as an AI launchpad. The narrative around AI agents stealing keys on Moltbook is getting weird — and in crypto, weird usually pumps.
Sentiment
The vibe is pure fear. We have global tensions (Gaza, Iran sanctions), we have a $6 billion hole at BitMine, and we have miners pulling the plug. Everyone is waiting for the other shoe to drop.
Here's the thing: The hashrate drop is likely the capitulation signal we needed. When miners quit, the weak hands are gone. We might chop here for a bit, but the "oversold" calls from the institutional desks might actually be right this time. I'm watching $81k. If that holds, we build a floor.
