Tech-stock weakness spills into crypto
Several factors are pressuring prices, led by weakness in U.S. technology shares. Bitcoin frequently trades in tandem with risk assets, particularly equities in the tech sector. As those stocks retreated this week, bitcoin followed, adding volatility to an already unsettled market that also saw sharp swings in traditional havens such as gold and silver.
Market participants noted that macroeconomic jitters have played a role. Rising bond yields and uncertainty over the pace of Federal Reserve policy moves have dampened appetite for speculative positions. According to an analysis by Reuters, the Nasdaq Composite’s recent slide heightened selling pressure across a range of digital tokens.
Forced liquidations accelerate decline
Rapid price moves triggered a wave of forced liquidations, a mechanism in which leveraged positions are automatically closed once preset thresholds are breached. Blockchain analytics firm Coinglass recorded more than $2 billion in combined long and short positions liquidated across crypto markets on Thursday. The pace eased on Friday, but the total still approached $800 million during the early-morning session.
Forced selling typically deepens market swings by removing bids and adding immediate supply. Analysts said the liquidation tally underscores the elevated leverage that had built up during bitcoin’s climb toward record levels last year.
Institutional flows turn negative
Evidence is emerging that large institutional investors are reducing exposure. CryptoQuant reported that U.S. spot bitcoin exchange-traded funds, which collectively bought about 46,000 bitcoin during the same period last year, are net sellers so far in 2026. The data point suggests a notable shift in sentiment among firms that were once regarded as long-term holders.
Markus Thielen, head of research at 10X Research, told CNBC that the average cost basis for investors who accumulated bitcoin through ETFs is roughly $90,000, leaving many positions under water. Thielen said the resulting redemptions are occurring primarily during U.S. trading hours, indicating that institutional desks are driving a significant share of the outflows.
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Broader crypto market under pressure
Other major digital assets have endured steeper percentage losses. Ether and XRP are each down more than 60 percent from their respective records, while Solana has fallen in excess of 70 percent. The uneven performance has widened the spread between bitcoin’s decline and that of alternative tokens, a dynamic that usually surfaces when investors seek relative safety within the crypto complex.
Traders pointed out that bitcoin’s relative outperformance has not yet translated into sustained inflows. Instead, capital appears to be rotating into cash or short-term fixed-income instruments as volatility spikes across asset classes.
Outlook: potential for lower lows
Despite Friday’s rebound, several market strategists caution that the downtrend may resume. Thielen’s team at 10X Research projects a possible short-lived counter-trend rally, followed by renewed weakness that could push bitcoin toward $50,000 during the summer. Chart watchers say a break under $60,000 would likely accelerate momentum selling, making the mid-$50,000 range an immediate focus.
While no consensus exists on the ultimate floor, analysts broadly agree that liquidity conditions and the trajectory of U.S. growth stocks will remain pivotal. A stabilization in equity markets could help bitcoin defend current levels, whereas additional pressure on technology names may translate into further digital-asset outflows.
For now, the currency trades in a range defined by Thursday’s lows near $60,000 and resistance around $70,000, a band that technicians will monitor closely for clues about the next significant move.
Crédito da imagem: Justin Tallis | AFP | Getty Images
