Bitcoin fell below US$98,000 on Thursday as the cryptocurrency market faced over US$1.1 billion in derivatives liquidations, sparking concerns among traders about a potential trend reversal. Bitcoin Spot ETFs recorded $869 million in outflows, marking the second-largest withdrawal on record, according to CoinDesk.
The decline extended to major altcoins, with Ethereum, Solana, and Cardano dropping approximately 8%. XRP fell 7.3% to break below the US$2.30 psychological support level despite the historic launch of its ETF, highlighting the market’s broad weakness.
Canary Capital’s XRP ETF saw US$58 million in trading volume on its first day, making it the highest-volume ETF launch of 2025, according to Crypto News. However, the record volume did little to support XRP’s price as investors remained cautious amid wider market volatility.
On the regulatory front, SkyBridge Capital founder Anthony Scaramucci predicted that the U.S. government will maintain its roughly 200,000 BTC holdings and could purchase an additional 500,000 BTC. He cited backing from key government figures, including Treasury Secretary Scott Bessent and Senate Banking Committee Chairman Tim Scott, as a signal of continued institutional support.
Market analysts suggest that the weakness in cryptocurrency prices is partly linked to broader economic concerns, including cooling economic data from China, which has increased uncertainty across global risk assets.
