Bitcoin slipped 3.5% to $121,288 after peaking at $126,198, its new all-time high. 99%+ of supply remains in profit, a euphoric zone that typically precedes mild corrections.
Futures open interest dropped 3.75% to $91.9 billion, while $151.3 million in positions were liquidated.
Bitcoin ETFs saw $7.78 billion in trading volume, while Ether ETFs posted $421 million in inflows.
Ethereum traded near $4,445, down 5.3%; SOL at $219; BNB still strong at $1,291 after a record run.
Government shutdown tensions and profit-taking fueled the short-term pullback. Structural demand and ETF flows remain firm, supporting a constructive medium-term outlook.
Geopolitical risks from Venezuela to Greenland are fading into the background as investors refocus on US data and Fed rate cuts, but turbulence in crypto markets shows risk appetite remains fragile.
The next phase of Bitcoin’s evolution is not about leverage or yield chasing, but about using BTC as credible collateral, security, and economic infrastructure.
