Smart-contract and DeFi coins lead losses as bitcoin wilts for 4th straight day
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The largest cryptocurrencies remained under pressure for a fourth straight day, with bitcoin falling 2.5% in 24 hours to below $62,400.
Key facts
- In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024
- The largest cryptocurrencies remained under pressure for a fourth straight day, with bitcoin falling 2.5% in 24 hours to below $62,400
- The CoinDesk 20 Index (CD20) has dropped 3.3%, with ether (ETH), XRP (XRP) and solana (SOL) all weaker
- Add five straight months of BTC trading under its estimated $78k production cost, quietly forcing the weakest miners to capitulate, and you have two real sellers that were not in the frame a week
Summary
Major cryptocurrencies, including bitcoin and ether, extended declines for a fourth day, with broad CoinDesk indexes falling amid mounting selling pressure. Market sentiment has soured on Strategy (MSTR) and its STRC preferred stock, as investors worry the company and stressed bitcoin miners may be forced sellers after months of sub-cost BTC prices. Derivatives data show heavy long liquidations, elevated open interest, bearish funding rates and rising demand for protective bitcoin puts. The CoinDesk 20 Index (CD20) has dropped 3.3%, with ether (ETH), XRP (XRP) and solana (SOL) all weaker.