Market overview
The split between sentiment and price is the story. Cryptomat's pulse score holds at 94, unchanged on the day, with 95. 3% of 149 tracked headlines bullish and only 4.
7% bearish across the past 24 hours. Yet BTC dipped under $80,000 in early Friday trading and ETH slipped beneath $2,300, with $90 billion in market cap erased from recent highs. XWIN Research Japan's read is that the move is internal.
Equities did not sell off. The S&P 500 and Nasdaq remained near record highs while crypto liquidated. Roughly $331 million in positions closed in 24 hours, with about $100 million packed into a single two-hour window.
That is the signature of a margin flush, not a macro shock. Under the surface, the rally fed itself into the unwind. The 37% recovery off the February low near $60,000 returned a deep cohort of recent buyers to break-even.
Short-Term Holder SOPR has stayed above 1. 0 since mid-April, peaking at 1. 016 this week.
Holders who endured 20-30% drawdowns took the exit the moment they got it. The Cryptomat coin board reflects an altcoin bid layered on a cautious BTC tape. SOL