by Coinstrooper Crypto Articles
Quick Take
  • The crypto market is down today, posting a notable decrease.
  • It fell 6.4% over the past 24 hours to $2.49 trillion.
  • Moreover, 92 of the top 100 coins saw their prices drop.
  • Also, the total crypto trading volume stands at $216 billion, higher than what we’ve been seeing over the past few days.

What Happened

Nic Puckrin, investment analyst and co-founder of Coin Bureau, commented that “as Bitcoin continues its slide toward the psychological barrier of $70,000, it’s clear the crypto market is now in full capitulation mode.

Market Context

The crypto market is down today, posting a notable decrease. It fell 6.4% over the past 24 hours to $2.49 trillion. Moreover, 92 of the top 100 coins saw their prices drop. Also, the total crypto trading volume stands at $216 billion, higher than what we’ve been seeing over the past few days.

On Thursday morning (UTC), all top 10 coins per market capitalisation have recorded price falls.

Bitcoin (BTC) dropped by 7%, now trading at $70,884.

It’s followed by Binance Coin (BNB)’s fall of 9.1% to the price of $691.

Furthermore, of the top 100 coins per market cap, 92 have posted price drops today. Three of these saw double-digit pullbacks, including XRP.

A7A5 (A7A5) is next. It appreciated 2% to the price of $0.01283.

‘Bitcoin Capitulation’

Puckrin now expects BTC to fight to defend the $70,000 threshold. If it breaks below, it could be heading for its bear market low around $55,700-$58,200.

Why It Matters

“They also carry real influence within Washington,” he says. “Turning them from an obstacle to part of the solution may well be the missing piece of the puzzle here.”

Details

Crypto Winners & Losers

Ethereum (ETH) is down 7.7%, now changing hands at $2,097.

The highest decrease in the category is 10.6% by XRP (XRP), now standing at $1.43.

Zcash (ZEC) fell 12% to $245.81, while Morpho (MORPHO) decreased by 10.9% to $1.17.

At the same time, Hyperliquid (HYPE) is the category’s best performer, having increased by 3.2% to $34.3.

Meanwhile, the Royal Government of Bhutan has moved over $22 million in BTC out of sovereign wallets over the past week alone. This triggered speculation over possible sell-offs.

Arkham noted that “from our observations, Bhutan periodically sells BTC in clips of around $50M, with a particularly heavy period of selling around mid-late September 2025.”

“If previous cycles are anything to go by, this is no longer a short-term correction, but rather a transition from distribution to reset – and these typically take months, not weeks.”

Moreover, Bitcoin whales are going for large-scale selling. Institutional outflows are increasing. Yet, while Bitcoin ETFs are seeing negative flows, the majority of ETF holders are sitting on paper losses, while Bitcoin OGs are doing most of the selling, per Bloomberg data.

“This is Bitcoin’s institutionalisation in action,” the analyst says.

Meanwhile, Puckrin also commented on the regulatory situation in the US, specifically when it comes to the much-anticipated Clarity Act.

“The rumours that crypto firms are discussing a stablecoin compromise for the Clarity Act that would involve community banks are a clear sign that it is no longer an ‘us versus them’ situation.”

For a global stablecoin ecosystem to thrive, banks must be part of it. Therefore, “involving community banks is a smart move – both politically and economically.”

Puckrin argues that community banks are more vulnerable to deposit flight but are nimbler and more open to innovation than larger institutional banks.