Why Is Crypto Down Today? – June 9, 2025

Moreover, about a third of the top 100 coins have seen their prices increase in this timeframe. Internet Computer (ICP) is the biggest gainer, with a 7.3% rise to $5.72.

On the other side, Tokenize Xchange (TKX) dropped the most over the past 24 hours: 2.6% to $29.92.

According to Glassnode, BTC long-term holders are selling. Given the lack of an upside catalyst, the risk of a short-term correction is growing. This is something to keep an eye on.

A BTC Rally to $136,000 Still Possible

According to John Glover, the Chief Investment Officer of the crypto lending platform Ledn and former MD at Barclays, BTC pulling back from its highs is expected. On Friday, the price bounced off the overnight lows, but the CIO didn’t think this corrective move lower was done.

“I expect that wave (ii) pullback will complete in the $88,000 to $93,000 region before the next leg up. This corrective move should finish in mid-to-late summer, followed by an impulsive wave (iii) higher, so if you’re looking to add, the wave (ii) target is a good level,” Glover argued.

He added, however, that wave (i) can be completely retraced by wave (ii), so a retest of the $74,500 low of Wave IV is “not out of the question. But my expectations continue to be for a rally to $133,000-$136,000 into the end of this year/beginning of next.”

Meanwhile, per TradingView, Bitcoin’s exchange review has fallen to a record low of 2.3 million on centralized exchanges. This is the result of institutional buying and an increase in spot ETFs, limiting BTC supply.

Dom Harz, the co-founder of Layer-2 BOB, also noted that this is the lowest reserves level since 2018, pointing to growing investor confidence in BTC’s long-term future, including as a strategic asset.

“But the question remains, what’s next? Will billions in capital sit idle in treasuries and wallets for years to come? We would suggest this is unlikely. With this scale of investment, it’s only natural that holders, both institutions and individuals, will want to put their Bitcoin to work,” Harz says.

“Thankfully, appetite for sustainable BTC yield is on a collision course with technical breakthroughs that will truly unlock secure, scalable Bitcoin DeFi. The next era of finance isn’t theoretical anymore, it’s already taking shape.”

Why Is Crypto Down Today: Levels & Events to Watch Next

BTC currently trades at $105,660, managing to hold the $105,000 level after several failed attempts last week. This is a pullback from the intraday high of $106,352. Compared to its all-time high of $111,814, the coin is down 5.5%. It appreciated 0.4% in a week and 1.8% in a month.

A key resistance level to watch is $114,800, while a critical support level stands at $83,200, Glassnode notes.

Meanwhile, the crypto market sentiment remains unchanged within the neutral territory. It stands at 55 today. This level indicates investor caution in the market. This may drop into the fear range.

Meanwhile, on 6 June, US BTC spot exchange-traded funds (ETFs) recorded a net outflow of $47.82 million, with BlackRock alone bleeding $130.49 million. The two-day outflow streak has broken the brief, two-day inflow streak.

At the same time, US ETH spot ETFs have continued the inflows streak of fifteen consecutive days, gaining another $25.22 million. BlackRock leads this list with $15.86 million.

Notably, despite the recent crypto market pullback, major TradFi players are still entering the space. The stablecoin space has seen significant interest lately.

One of the latest examples is Deutsche Bank, which is exploring stablecoins and tokenized deposit solutions to modernize payments. The bank is considering its options: issuing its own stablecoin or participating in a broader industry initiative, per Sabih Behzad, the head of digital assets and currencies transformation.