Bitcoin fell more than 14% in a 24-hour period, breaking the 100 million won barrier. That move came 429 days after the domestic market slump triggered by emergency measures on December 3, 2024. The total crypto market capitalization also evaporated by about 400 trillion won in a single day. On Binance, the world’s largest digital asset exchange, Bitcoin traded around $64,900 at 2 p.m. local time.
Bitcoin had fallen 14.02% over the 24 hours and briefly dipped to around $60,000 on Feb. 6, the lowest since October 10, 2024. Year-to-date, Bitcoin has fallen more than 25%, with January down about 10% and February down around 20%. From the October peak of $126,199, Bitcoin is down roughly 48.57%, while altcoins posted larger losses: Ethereum down 14.96%, XRP 19.67%, and Solana 14.95%.
The total market cap dropped by about $700 billion. The day’s losses also affected large BTC holders and flows: Strategy Inc. held about 713,502 BTC with an unrealized loss near $97.7 billion at the day’s low, while Bitmine Emergent Technologies bought roughly 4,285,125 ETH at an average cost of $2,272, resulting in an unrealized loss near $1.95 billion.
Investor outflows, tightened liquidity, and concerns over AI-driven over-investment weighing on the U.S. stock market point to a risk-off sentiment. Bitcoin spot ETFs posted net outflows of $1.251 billion over the last three sessions, with year-to-date outflows totaling $2.294 billion. Altcoins also faced pressure, underscoring a broader liquidity and confidence squeeze in the crypto space.
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