Why Bitcoin lost the $100k floor: Everything that happened in crypto today
Bitcoin traded at $100,640.15 as of press time, down 5.6% in the past 24 hours, after briefly losing the $100,000 price threshold on Binance futures for the first time since June 23.
The sell-off wiped billions from the broader crypto market as traders confronted a three-month high in the dollar, equity weakness, and a four-day streak of spot ETF outflows totaling roughly $1.34 billion.
The dollar index rose to 100.215, up 0.3% over the past 24 hours, as markets reassessed the likelihood of near-term Federal Reserve rate cuts.
Equity markets retreated after major bank CEOs warned of a potential 10% to 15% correction in stock prices. This combination of a stronger greenback and risk-off sentiment in traditional markets typically compresses the risk premium in cryptocurrencies.
Bitcoin’s correlation to tech equities and its sensitivity to dollar strength placed it directly in the path of the macro shift.
US spot Bitcoin ETF flows turned decisively negative over the past four sessions, with cumulative outflows reaching approximately $1.34 billion, according to data from Farside Investors.
The most recent trading day saw roughly $186.5 million exit the products, with BlackRock’s IBIT accounting for the entirety of the outflows while competing ETFs registered zero net activity.
The sustained withdrawal pattern reflects institutional repositioning as traders weighed macro conditions against Bitcoin’s valuation near six-figure levels.
Leverage magnified the downturn across crypto derivatives markets. According to Coinglass data, $1.3 billion in futures positions were liquidated in the past 24 hours, with long positions accounting for about $1.1 billion of the total. That was the second consecutive day with over $1 billion in liquidations.
The forced unwinding of leveraged bets accelerated Bitcoin’s descent, creating cascading sell pressure that pushed the asset closer to the $100,000 support level.
Futures markets often amplify spot moves during periods of high volatility, and the scale of the washout ranks among the most significant liquidation events in recent weeks.
Altcoins follow Bitcoin lower
The broader crypto market mirrored Bitcoin’s losses, with major tokens posting single-digit percentage declines.
Ethereum traded at $3,328.12, down 8% in the past 24 hours, while BNB fell 7.7% to $917.20. Solana dropped 7% to $154.48, and XRP declined 5% to $2.18. Dogecoin slipped 6.3% to $0.1570, and Cardano lost 6.7% to trade at $0.5153.
The sell-off unfolded against a backdrop of renewed security concerns in the decentralized finance sector.
The Balancer V2 exploit, which drained between $110 million and $128 million across multiple chains, and Berachain’s subsequent emergency network halt and hard fork kept sentiment cautious across protocols and tokens.
While DeFi incidents typically contain their damage to specific ecosystems, the timing of the exploits added a soft headwind to crypto markets already contending with macro pressure and negative flows.
Bitcoin’s losing the $100,000 level arrives as the convergence of dollar strength, equity weakness, institutional outflows, and derivatives liquidations created a technical setup that overwhelmed near-term support.
The post Why Bitcoin lost the $100k floor: Everything that happened in crypto today appeared first on CryptoSlate.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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