Why Is Crypto Down Today? – June 12, 2025

After two days of rising prices, the crypto market is down today. Nearly all top 100 coins have recorded decreases over the past 24 hours. The cryptocurrency market capitalization has dropped by 4% to $3.51 trillion. The total crypto trading volume is at $132 billion.

Crypto Winners & Losers

In complete contrast to yesterday’s situation, all top 10 coins per market cap have seen their prices decrease over the past 24 hours.

Bitcoin (BTC) fell by 1.7%, dropping from the $109,500 level to the current price of $107,563.

Ethereum (ETH) is close by, decreasing by 1.6% to the price of $2,749.

While Dogecoin (DOGE) was the highest gainer yesterday, it saw the highest drop in this category today: 6.2% to $0.1898.

Moreover, most of the top 100 coins are down today. Only four are up, with SPX6900 (SPX) recording the highest increase of 8.1% to $1.68.

Jupiter (JUP) saw the highest decrease, and the only double-digit one: 10.6% to $0.4538.

The markets have seen a variety of significant developments this week, including the tentative trade agreement between the US and China, US inflation report, as well as the US Senate voting to invoke cloture on a substitute amendment to the stablecoin GENIUS Act.

Speaking of stablecoins, Ant Group, the Jack Ma-backed fintech giant, plans to apply for stablecoin licenses in key Asian markets. It is eyeing licenses in Hong Kong and Singapore, as well as in Luxembourg.

Crypto Market Sensitivity to Price Fluctuations Rises

Per Glassnode’s latest report, BTC is holding above the psychologically significant $100,000 level, indicating that investor confidence remains robust.

At the same time, volatility expectations are rising. The dense concentration of coin supply near the current spot prices increases market sensitivity to price fluctuations, the analysts argue.

That said, mature investors have no losses locked. Almost all loss-taking occurred from top buyers across the ATH formation. This suggests “a capitulation of only the most speculative of investors.” Yet, Options At-the-Money Implied Volatility “across all major tenors remain historically low, suggesting that options traders may be underpricing the likelihood of a volatility regime shift,” Glassnode says.

However, many eyes are on Ethereum these days.

Dom Harz, co-founder of Layer-2 BOB, commented that ETH’s price rise in recent days “marks a significant shift in sentiment toward an asset that had, until relatively recently, fallen out of favour.”

Ethereum’s bounce-back signals more than just price action, Harz argues. “The momentum reflects a meaningful shift in sentiment, fuelled by a combination of technical progress, market activity, and regulatory signals.”

The Pectra upgrade has gone live and been reinforced by the US Securities and Exchange (SEC) Commissioner Paul Atkins’ support for DeFi, as well as the strong performance of Circle’s record-breaking IPO, the co-founder says.

“These are exciting times for DeFi and for Ethereum’s role in the industry’s next chapter. Hopefully, we are moving beyond the memecoin noise and back to building scalable, decentralised systems — the foundations for crypto’s future,” Harz concluded.

Levels & Events to Watch Next

At the time of writing, BTC trades at $107,563, the lowest it’s been today, significantly moving away from the all-time high of $111,814, which it hit on 22 May. Notably, it’s also back to the levels seen at the beginning of this week before it started this latest push upwards.

Also notably, this is a pullback from the intraday high of $110,269, indicating the coin’s initiative to move towards and above the ATH. The key support level stands at $97,600, while the resistance is at $115,400.

In the same time period, Ethereum hit an intraday high of $2,870. It’s also interesting to note that this intraday high moves higher every day. Analysts argue that ETH is poised for further increases.

Moreover, the crypto market sentiment slightly decreased within the greed zone. Crypto Fear and Greed Index fell from 65 yesterday to 61 today. This may indicate that the market is overheating and heading for a correction, but there are also movements towards the neutral zone, which would ease these concerns.

“Encouragingly, the wave of fear in market sentiment did not translate into a meaningful shift in spending behavior,” Glassnode says. “When assessing losses locked in on-chain, only -$200M of losses were realized, with the magnitude significantly shallower than previous correction events. This suggests that loss-taking remained contained, with investors largely unfazed by the drawdown.”

Meanwhile, US BTC spot exchange-traded funds (ETFs) saw a net inflow of $164.57 million on Wednesday. BlackRock leads the list with $131.01 million. The cumulative total net inflow now stands at $45.22 billion.

At the same time, US ETH spot ETFs have recorded 18 consecutive days of inflows. Today, they surpassed the BTC counterparts, with $240.29 million in inflows. BlackRock is the biggest contributor to this amount with $163.64 million on 11 June. The cumulative total net inflow climbed to $3.74 billion.

According to Seamus Rocca, Chief Executive Officer of Xapo Bank, “the rise of corporate treasury allocations to Bitcoin is significant, but it shouldn’t be about chasing trends or building oversized positions. It’s about allocating what a business can afford to hold over a five-to-ten-year horizon, without being forced to sell into volatility.”

Companies like Strategy and Metaplanet represent “high-conviction outliers, headline grabbers with bold strategies that align with their unique business aims.” However, for most others, a more measured approach is better suited – “one grounded in long-term belief, not short-term reliance on volatility. In this space, patience and discipline can be underrated virtues,” Rocca emphasizes.

“Our view has been, and remains, that Bitcoin deserves serious consideration—but with a disciplined, long-term framework: focus on the asset itself, avoid speculative trading, and size positions responsibly,” Rocca concludes.

Quick FAQ

Both the crypto and stock markets have increased in the last day, though crypto’s increase is notably higher. The S&P 500 has decreased by 0.27%, the Nasdaq-100 is down 0.37%, and the Dow Jones Industrial Average fell by 0.0026%. The markets are reacting to and are still digesting the developments related to Wednesday’s US inflation report and the result of the trade talks between the US and China.

The dip may be brief, followed by another rally, given the still prevailing bullish sentiment. However, the market stands at a crossroads, and further dips, even if short-term, are possible.

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