BTC and ETH fell again on Friday amid global tensions and macroeconomic uncertainty.
The cryptocurrency market fell again on Friday, extending a four-day losing streak as investors grappled with rising geopolitical tensions, trade uncertainties, and the ongoing U.S. government shutdown.
Bitcoin (BTC) is trading at $106,400, down 2% on the day, while Ethereum (ETH) is hovering around $3,830, down 3.2% in the same timeframe.
John Glover, Chief Investment Officer at Ledn and former MD at Barclays, said he believes the current bull run in Bitcoin has ended.
“I firmly believe that we have finished the five-wave move higher, and we will now commence a bear market that will last into late 2026 at a minimum,” Glover said. “That’s not to say that we can’t retest $124K, or even slightly higher, but my view is that prices in the coming months will be lower than they are today.”
He added that his expectation is that the bear market will see Bitcoin trading as low as $70,000 to $80,000, and potentially lower. “The bear market target will become clearer as we watch the price action unfold in the coming months,” Glover said.
Total Crypto Market Cap Drops
Other Top 10 coins also plunged: BNB slipped 7% to $1,074, Solana (SOL) fell 3% to $183, and XRP declined 2.8% to $2.29.
Among smaller tokens, the day’s biggest losers included AAVE, down nearly 13% to $203; ASTER, down 12% to $1.13; and Flare (FLR), down 8.5% to $0.06.
The top gainer of the day was Ethena (ENA), which surged 9% to $0.43, according to CoinGecko.
The total crypto market capitalization dropped 1.5% to $3.70 trillion, with Bitcoin’s dominance at 57.4% and Ethereum’s share at 12.4%.
Liquidations and Market Flows
Around $972 million in crypto positions were liquidated over the past 24 hours, according to Coinglass data. Longs made up about $682 million, while shorts accounted for $286 million.
Bitcoin led the liquidations with nearly $345 million, followed by Ethereum at around $231 million. Altcoins collectively contributed around $85 million.
Spot Bitcoin ETFs recorded $536 million in outflows on Thursday, marking a second straight day of withdrawals that now total around $637 million. Spot Ethereum ETFs also had outflows, totaling nearly $57 million, according to SoSoValue.
Geopolitical and Macro Uncertainty
The persistent market weakness highlights a cautious environment as economic and global tensions hit an already shaky crypto market, prompting traders to rethink risks in digital assets.
Today, President Donald Trump is meeting with Ukrainian President Volodymyr Zelenskyy to talk about giving Kyiv tools to hit deeper into Russia, including a possible trade of Ukrainian drones for long-range missiles.
Trump also said he hopes to persuade Russian President Vladimir Putin to end the war during an upcoming meeting in Hungary, while coordinating with Zelenskyy, CNN reported.
Domestically, the government shutdown is still ongoing, with Senate Republicans and Democrats at an impasse over funding and health care, and no deal in sight.
The only potential relief comes from the Federal Reserve, which meets later this month. Most investors are expecting a rate cut, with CME Group data showing a 96% chance of a 25 basis point reduction.
“The way markets are reacting now is a mix of panic selling, stops triggering, and selective inbound bids as buyers try to pick bottoms,” said David Siemer, CEO of Wave Digital Assets. “We’re probably not seeing a full systemic ‘crash’, but we are entering an environment where a break below major support levels (e.g. for Bitcoin around $100K) could lead to another leg down.”
