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All the top-10 crypto assets by market capitalization are in the red today as markets digest President Trump’s EU tariff threats over Greenland.
Crypto markets are experiencing a correction today after pushing higher last week. The Bitcoin (BTC) price dropped around $4,000 in a few minutes last night and is trading just below $93,000 at press time, down roughly 2.2% over the past 24 hours. The leading cryptocurrency is up over 2% over the past seven days, however, and was trading around $95,000 over the weekend.
All of the top-10 cryptocurrencies by market capitalization 2%-3% in the red today. Ethereum (ETH) fell about 3.2% to $3,215, after trading above $3,300 this weekend. ETH is still up nearly 4% on the weekly timeframe.
Solana (SOL) and Dogecoin (DOGE) showed the biggest losses today among the top-10 assets, both down about 6% on the day.
Total crypto market capitalization slipped to approximately $3.23 trillion, down 2.6% today, reflecting weakness across the board.
Range-Driven Market
Analysts at Matrixport noted in a Monday update on X that despite renewed tariff threats from United States President Donald Trump, this time over Greenland, “implied volatility in both Bitcoin and Ethereum has only marginally edged higher.”
The analysts noted that volatility has fallen sharply since mid-November last year, with a repricing of roughly 18-25 volume points over the past two months, which they described as a “significant compression.” They added:
“This decline signals that traders are neither chasing upside through options nor aggressively hedging downside risk.”
The cryptocurrency market’s Fear & Greed Index has slipped back into the “Fear” zone after briefly touching “Neutral” last week for the first time in several weeks, suggesting that sentiment among investors remains fragile.
Big Movers and Liquidations
Looking at the top-100 assets by market cap, privacy coin Monero (XMR) is today’s strongest performer, rising 8% on the day, followed by Sky (SKY), which posted mild gains of roughly 2.5%.
On the downside, on-chain perpetual futures exchange Aster’s ASTER was the biggest loser today, falling around 13.5% to reach an all-time low. Sui (SUI) lost 12.4% today, making it the second-weakest performer among the top-100 large-caps.
Crypto liquidations built up over the course of last week as volatility picked up, rather than being driven by Sunday’s usually quiet trading. Total crypto liquidations spiked at around $875 million over the past 24 hours, according to Coinglass, with longs making up the majority of liquidated positions at roughly $788 million, versus about $88 million in shorts.
Bitcoin accounted for the largest share at about $234 million, followed by Ethereum with roughly $156 million, while altcoins made up another $133 million.
ETFs and Macro Conditions
Despite net outflows on Friday, crypto exchange-traded flows remained positive on the weekly timeframe. Spot Bitcoin ETFs recorded net inflows of approximately $1.42 billion last week, lifting cumulative inflows to about $57.8 billion, according to data from SoSoValue.
Spot Ethereum ETFs also saw big demand over the past week, seeing a net inflow streak every day last week, closing the week with more modest inflows on Friday. ETH ETFs posted total weekly net inflows of roughly $479 million, while cumulative inflows reached about $12.9 billion.
On the macro side, investors are leaning toward safe havens again as geopolitical tensions return, after President Trump renewed threats to raise tariffs on several European allies, tied to his push to take control of Greenland.
As Reuters reported, Trump unveiled an additional 10% tariff on goods from countries including Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and the UK, that would take effect on Feb. 1, rising to 25% on June 1 unless progress is made toward a Greenland agreement. European officials are expected to respond later today.