Total market cap is holding steady today, even as sentiment sinks to the weakest level on record.
Crypto markets took a tumble Thursday morning, Feb. 12, pushing Bitcoin below $66,000 and Ethereum below $2,000, as investor sentiment deteriorated to unprecedented lows.
Total crypto market capitalization is flat over the past 24 hours around $2.33 trillion, while large-cap assets are mixed today. At press time, Bitcoin (BTC) is trading at $65,747 at press time, down marginally on the day and bringing 7-day losses to about 5%.
Ethereum (ETH) fell to $1,910 this morning, little changed over the past 24 hours and down 4% on the week.
While BNB gained nearly 2% on the day, it’s still down almost 10% over the past week. Solana (SOL) slipped 0.6% in the past 24 hours, and is down 8% on the week.
Among the top-10 crypto assets, XRP and Figure Heloc (FIGR_HELOC) stood out on the weekly timeframe, both up about 4%.
Unprecedented Extreme Fear
Market sentiment, however, continues to lag price action. The Crypto Fear & Greed Index fell today to a reading of 5, its lowest level on record, pushing sentiment deeper into “extreme fear” territory than during any previous bear market.
Glassnode analysts said in an X post today that the disconnect between prices and sentiment reflects a market under sustained stress rather than a clear capitulation event.
The analysts pointed out that the 30-day simple moving average of net flows for both BTC and ETH spot ETFs has remained negative for most of the past 90 days, showing “no sign of renewed demand.”
They added in a separate research report that liquidity remains thin, with traders maintaining defensive positioning. Without renewed spot demand or improvement in risk appetite, glassnode warned that price action is likely to remain driven by short-term positioning.
Big Movers and Liquidations
Looking at the top-100 assets by market cap, earlier today, Aster (ASTER) climbed more than 7% after the decentralized exchange confirmed that the mainnet launch of Aster Chain is scheduled for March. Hyperliquid’s HYPE token also rose about 7%, extending its recent rebound.
On the downside, Uniswap (UNI) led losses among large-caps, down 11.6%, erasing all of its gains from Wednesday’s rally that followed news of a strategic investment by BlackRock.
According to CoinGlass data, over 120,000 traders were liquidated over the past 24 hours, with total liquidations reaching $285 million. Bitcoin accounted for roughly $118 million of that total, followed by Ethereum at about $65 million.
ETFs and Macro Conditions
On Wednesday, Feb. 11, spot Bitcoin ETFs reversed their inflow streak, posting over $276 million in net outflows on the day. Spot Ethereum ETFs also recorded net outflows of more than $129 million, according to data from SoSoValue.
In macro markets, U.S. Treasury yields moved lower today as investors assessed fresh labor data and looked ahead to Friday’s consumer price index report. The 10-year yield slipped to 4.158%, while the 30-year fell to 4.782%, CNBC reported.
Per a report published today from the U.S. Labor Department, initial jobless claims came in at 227,000 for the week ended Feb. 7, slightly above expectations but lower than the prior week, the report notes, adding that investors continue to digest January’s nonfarm payrolls report, which showed a decline in the unemployment rate to 4.3%.