The crypto market faces further downside risks as Bitcoin and Ethereum holders sell $2.64 billion worth of assets, while bearish sentiment raises concerns about a deeper correction.
Another painful day for the crypto market, as the broader market declines 0.8%, pushing its total market capitalization down to $2.54 trillion over the past 24 hours.
The factors driving this bearish momentum include large holders, as they continue to reduce their Bitcoin (BTC) and Ethereum (ETH) holdings.
In the past week, the BTC price declined from $80,500 to $74,065, marking a fall of over 8.02%. Amid this downward move, large holders reduced their holdings by more than 34,000 BTC, worth approximately $2.6 billion.
During the same period, the ETH price also declined notably, plunging from $2,425 to around $2,060, marking a fall of 15.13%. Over this period, large holders slashed their holdings by 17,800 ETH, worth approximately $40 million.
In fact, an Ethereum Foundation-linked wallet dumped 2,000 ETH worth $4.14 million over the past two trading days.
It is worth noting that this notable selloff is not limited to the past week. A report from a Block Insider revealed that, so far in 2026, 14 companies have collectively sold 108,247 BTC worth $8.08 billion, a significant amount.
The top sellers identified in the report were MARA and Riot Platforms. As per the report, MARA sold 40,581 BTC worth over $3.03 billion at an average price of $74,446, while Riot Platforms sold 20,264 BTC worth $1.51 billion at an average price of $73,231.
Given the current market sentiment, Ripple’s former Chief Technology Officer David Schwartz shared a post on X that shocked market participants.
In a recent post on X, Schwartz stated that he hasn’t bought XRP in a long time. He explained, “I am very uncomfortable with risk and sold nearly all of the digital assets I’ve ever held. I still hold quite a bit of Ripple stock, and that alone is more risk than I wish I had.”
Seeing such a post from such a prominent figure could create fear in the crypto market, as he clearly stated that he had sold nearly all of his digital assets. His remarks raise several questions, does Schwartz have access to any insider information? Is the crypto market on the verge of a crash, or is there something else behind his decision?
Beyond the ongoing selloff and growing concerns among experts, an analyst at analytics platform CryptoQuant shared a concerning post, stating that sentiment toward Bitcoin is turning increasingly bearish.
The post further noted, “The Consensus Index dropped from -1.0σ to -1.8σ in just seven days, while BTC fell toward $73K. ETF outflows, inflation concerns, and weakness in the Nasdaq are weighing on market sentiment.”
In fact, CryptoQuant warns that Bitcoin could potentially see a deeper correction as its Bull Score Index drops to 20. BTC is also trading below its 365-day moving average of $76,400, with the next key support level at $73,200.
Amid this mass selloff, some investors have shown interest in buying BTC and ETH.
Recently, a report revealed that a hacker who stole over $26 million from “TLBL” spent 3.4 million DAI to purchase 1,650 ETH. Meanwhile, seven siblings, known for buying ETH during market crashes, have returned to the market and spent $22 million to purchase 10,792 ETH at an average price of $2,038.
Alongside this accumulation, another whale withdrew 1,770 BTC worth $128.80 million from Coinbase Prime over the past 24 hours.
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