BTC failed to hold key support levels, dragging the wider crypto market lower.
Cryptocurrency markets are under pressure again, with traders reacting to broader AI-linked fears, lingering macro uncertainty and signs of waning institutional demand. Today, Feb. 24, total crypto market capitalization slipped 2.5%, currently hovering around $2.27 trillion.
Bitcoin (BTC) slid from about $66,000 on Monday morning, Feb. 23, to near $63,700 at press time, marking a 3% daily decline. BTC’s weekly losses are around 6%.
Ethereum (ETH) tracked BTC’s move, falling 3% to $1,840, and down 5.4% on the week.
Among the rest of the top-10 assets, most are seeing mild to moderate losses today. XRP is down 1.7% to $1.35, BNB lost 3.6% to about $585, and Solana (SOL) declined 3% to $77.
Figure Heloc (FIGR_HELOC) was the only top-10 large-cap in the green this morning, up 1.5%.
Oversold
Alex Thorn, head of firmwide research at Galaxy Digital, noted in an X post today that BTC is approaching all-time oversold territory, with weekly RSI readings lower than any moment outside the deepest bear markets, citing November-December 2018 and mid-2022 as rare comparable periods.
Wintermute analysts highlighted in another X post today that Bitcoin has repeatedly failed to break through the $70,000 mark in the past two weeks, while ETH dipped below the psychologically important $1,900 mark.
“Multiple times over the past decade, growth scares have triggered rotations that ultimately reversed as risk appetite returned and the market found its way back to momentum,” the analysts noted.
They added that thin liquidity with derivatives signals a lack of directional conviction. Some selective interest in altcoins from high-net-worth investors briefly emerged mid-week but quickly faded.
Big Movers and Liquidations
Looking at the top-100 assets by market cap, PIPPIN gained the most, up 6.6% to $0.77 on the day, while Monero (XMR) rose 3.4% to $325.
On the downside, Bitcoin Cash (BCH) led losses at 11% to $475.40, followed by NEXO, down 5.5% to $0.80.
According to CoinGlass data, around 137,000 traders were liquidated over the past 24 hours, with total losses of $412.9 million, where BTC accounted for $156.3 million and ETH for $131.7 million, while other altcoins accounted for $22.1 million.
ETFs and Macro Conditions
Spot Bitcoin ETFs saw $203.8 million in outflows on Monday, bringing cumulative assets to $80.7 billion. Ethereum ETFs recorded $49.4 million in outflows, with total net assets now at $10.4 billion, per SoSoValue data.
Macro conditions still feel shaky. Shares of IBM plunged about 13% on Monday, Feb. 23 — the stock’s steepest drop in more than 25 years. The selloff came after Anthropic said its Claude Code tool can automate COBOL modernization, the old-school language that still rakes in serious revenue for IBM.
Adding to the nervous mood, analysts at Citrini Research warned in a Feb. 22 note that rapid AI adoption could displace large numbers of white‑collar jobs, squeeze consumer spending, and put pressure on both financial and tech sectors.
In comments to investors on Monday, JPMorgan CEO Jamie Dimon drew comparisons between current credit and risk dynamics and those seen in the run‑up to the 2008 financial crisis, fueling more caution among investors.