Market overview
The tape did not pretend to be subtle. Bitcoin lost the $68,000 shelf in the European session, gave up $65,000 on the New York open, and finally bottomed at $62,490 before a thin bid stabilised it near $63,500 at time of writing. The move took out a cluster of margin longs that had built up through last week's run toward $74,070.
BeInCrypto put total liquidations across centralised venues above $1. 1 billion in 24 hours, with the bulk concentrated in the four-hour window after BTC sliced $66,000. The macro backdrop did not help.
SpaceX confirmed its IPO at $135 per share, targeting a $75 billion raise at a $1. 77 trillion valuation, per Crypto Briefing. That sucked risk-capital headlines away from crypto for the first time in weeks.
Benchmark closed two new funds totalling $2 billion focused on mature startups, another signal that growth capital is rotating up the maturity curve rather than into early-stage token bets. The Cryptomat Market Pulse score sits at 78, technically still in greed territory, but down 5 points in the past 24 hours with a stable-to-softening trend. That gap between sentiment readings and price action is the thing to watch.
When the pulse is still flashing greed after a 10% BTC drawdown, deleveraging has further to run before positioning resets. Beneath the headline carnage, sentiment by name stayed remarkably one-sided. Of 148 classified articles in the last 24 hours, 84.
5% read bullish and only 15. 5% bearish. The market is selling first and reading the news second.