The cryptocurrency market experienced a minor decline today, although the overall situation appears to have improved since yesterday, with a greater number of coins showing gains as the market begins to consolidate. Nearly 50% of the top 100 cryptocurrencies by market capitalization reported increases over the past 24 hours. Despite this, the total cryptocurrency market capitalization has dipped by 2% and is currently valued at $3.55 trillion, with total trading volume recorded at $122 billion.
In summary:
- The crypto market is undergoing consolidation;
- Bitcoin (BTC) is hovering around the $108,000 mark;
- Short-term sell-offs are anticipated;
- Bitcoin’s strong performance is described as a “fascinating signal” in a tough market environment;
- US spot exchange-traded funds (ETFs) continue to attract significant inflows;
- This recent dip is consistent with historical patterns, necessitating attention to surrounding events.
Crypto Winners & Losers
Currently, four out of the top ten cryptocurrencies by market cap are showing declines while four are experiencing gains, excluding stablecoins. Bitcoin (BTC) has fallen by 0.9%, trading at $107,940, after reaching an intraday high of $109,037.
Ethereum (ETH) boasts the most significant gain among top coins, increasing by 3.6% to $2,729, while other currencies have shown less than 1% growth.
Among ten notable coins, all have fallen, with BTC and Solana (SOL) both down by 0.9%. SOL is now trading at $172.
Of the top 100 cryptocurrencies, almost half are in the green, a marked improvement compared to yesterday’s figures. Fartcoin (FARTCOIN) recorded the largest loss, dropping 4.8% to $1.29.
The leading gainer is SPX6900 (SPX), with a staggering increase of 14.3%, followed by Toncoin (TON), which rose 11% to $3.31. Additionally, TON’s perpetual futures open interest surged to $190 million, the highest level since February.
Over the past 24 hours, $TON perpetual futures OI surged +33% from $143M to $190M – its highest level since Feb 18. Interestingly, OI stayed elevated even after the price pullback. Past spikes like this have often preceded corrections – worth watching closely: https://t.co/wXpcaQoKul pic.twitter.com/IwbflHdkwZ
— glassnode (@glassnode) May 29, 2025
The current dip in the market is not viewed as particularly concerning. Analysts indicate that this trend aligns with established patterns where rallies typically lead to brief sell-offs and corrections. Overall, the market appears to be consolidating.
‘The Broader Outlook Remarkably Uncertain’
According to a recent report from blockchain analysis platform Glassnode, Bitcoin’s market strength remains robust.
The report emphasizes that phases of price discovery are often succeeded by short-term sell-offs, as early profit-takers exit their positions during peaks.
As the market engages in renewed price discovery, unrealized profits have surged. However, this increase in profitability has also raised sell-side pressure. Notably, when prices rise, “larger volumes of buy-side demand are necessary to absorb distributed coins to sustain upward momentum,” Glassnode notes.
Bitcoin appears to have followed this established pattern, reaching an all-time high before profit-takers prompted a pullback to around $107,000, followed by a recovery and consolidation near the $108,000 mark.
“Bitcoin is outperforming most asset classes amidst challenging macroeconomic and geopolitical uncertainties, making the broader outlook quite uncertain. This strong performance serves as a fascinating signal during these tough market conditions,” the report highlights.
Is $BTC strength waning – or just heating up? In the latest Week On-Chain, we explore rising investor spending, #BTC volume flowing through exchanges, and surging derivatives activity. We also highlight $120K as the next key zone of interest. Learn why: https://t.co/S4doFto7uL pic.twitter.com/Qd86YbmVtC
— glassnode (@glassnode) May 28, 2025
Upon comparing the current cycle’s price performance with previous cycles, analysts identified “remarkable similarities in structure.” Glassnode mentions it is a remarkable accomplishment for BTC to closely align with earlier cycles, even considering today’s significantly larger market capitalization.
This suggests that Bitcoin’s demand is aligning with the asset’s growth rate, as the report concludes.
Levels & Events to Watch Next
At present, Bitcoin is priced at $107,940, which is 3.5% lower than the all-time high of $111,814 achieved a week ago. The cryptocurrency has primarily traded around the $108,000 level in recent hours.
It has notably breached a support level at $108,731; should it continue to decline, it may test further support levels at $107,000 and $105,000. Conversely, traders will be monitoring if it can recover and surpass the $109,600 resistance, which could push it toward $112,000.
Additionally, the Fear and Greed Index has fallen from 68 to 65, down from a high of 76 from the previous week. Despite the drop, it remains in the green zone, reflecting positive market sentiment and greater risk appetite, though the recent decline is noteworthy.
In terms of inflow activity, US Bitcoin spot ETFs experienced net inflows of $432.62 million on May 28, driven by BlackRock’s $480.96 million contributions. Grand total net inflows have now reached $45.34 billion, while Ethereum spot ETFs have drawn $84.89 million in net inflows, indicating solid institutional interest amidst market fluctuations.
This persistent influx of capital suggests strong institutional support and adoption, which could bolster the market’s next upward movement.
In international news, Japanese Bitcoin treasury firm Metaplanet has announced a new bond issuance of $21 million to fund further Bitcoin purchases. Norwegian crypto brokerage K33 raised $6.2 million via zero-interest loans and equity for Bitcoin acquisitions, while GameStop, an American video game retailer, has purchased 4,710 BTC.
Additionally, the central bank of Russia has approved limited access to crypto-linked financial products for qualified investors.
In the United States, New York City Mayor Eric Adams has revealed plans for a municipal Bitcoin-backed bond, termed ‘BitBond,’ while also expressing intent to eliminate the controversial BitLicense requirement. Reports are also circulating that several major banking institutions on Wall Street are contemplating crypto-related expansions.
BREAKING: NYC MAYOR ERIC ADAMS JUST ANNOUNCED HE’S GOING “TO FIGHT TO GET A BITBOND IN NEW YORK”
THIS IS MASSIVE pic.twitter.com/8Ix0spHEOf
— The Bitcoin Conference (@TheBitcoinConf) May 28, 2025
Quick FAQ
Why did crypto move with stocks today?
Today’s slight decrease in the cryptocurrency market occurred alongside a drop in the stock market, yet the two movements do not appear to be closely related. The S&P 500 fell by 0.56%, the Nasdaq-100 by 0.45%, and the Dow Jones Industrial Average decreased by 0.58%. Recent fluctuations in traditional markets have resulted from Donald Trump’s shifting trade policy.
Is this dip sustainable?
Analysts generally believe that the rally may persist after a brief consolidation period. While the crypto market continues to be supported by significant capitalization and investor interest, potential regulatory or macroeconomic changes could also influence downward pressure on prices.
The post Why Is Crypto Down Today? – May 29, 2025 appeared first on Finance Newso.
