Equity rotation pulls $13.6B from crypto; Bitcoin drops

Over the past 24 hours, equity flows into U.S. stocks coincided with a $13.58 billion decline in the total crypto market cap, which fell to $2.50 trillion. Bitcoin traded at $75,202 and moved below several technical levels during the session.

The S&P 500 closed Tuesday above 7,519 and printed a 52-week high of 7,539, which corresponded with accelerated rotation of marginal risk capital from digital assets into equities.

Long liquidations totaled $241.31 million in the past 24 hours, against $103.52 million in short liquidations. Total unwinds reached $344.83 million across 92,264 traders, reflecting roughly a 2-to-1 ratio of long to short liquidations.

Bitcoin was below the 20-day EMA ($77,394), the 50-day EMA ($76,663), the 100-day EMA ($76,805) and the 200-day EMA ($81,363). Bitcoin also slipped under the 0.382 Fibonacci level at $75,987. Sell-side volume rose during the session. A daily close back above $75,987 would return the price above that Fibonacci level; a drop below $73,874 (0.5 Fibonacci) would leave $71,762 (0.618) as the next technical level.

The overall market cap is now just under the market-level 0.382 Fibonacci at $2.53 trillion. The next market supports are $2.47 trillion (0.5 Fibonacci), $2.41 trillion (0.618) and $2.33 trillion (0.786).

Near Protocol led large-cap altcoin losses, falling about 10% to $2.50 as traders booked profits after a rapid April–May rally. NEAR tested a recent swing low around $2.46. Long liquidations tied to NEAR reached $13.21 million in the last 24 hours. NEAR remained up about 56% on the week prior to the pullback. Critical support is at $2.32; reclaiming $2.81 (0.236 Fibonacci) would put higher Fibonacci targets at $3.39 (0.618), $3.97 (1.0) and $4.91 (1.618).

Network and institutional developments included an amendment activation on the XRP Ledger and flows into a new ETF. The XRP Ledger activated the fixCleanup3_1_3 amendment on Wednesday; XRP traded near $1.35. A spot Hyperliquid ETF gathered about $40 million over eight trading days, and a single large trader opened an approximately $9.1 million 10x position in that ETF.

On event partnerships, crypto firms did not obtain FIFA’s official global sponsor tier for the 2026 World Cup. ADI Predictstreet became the tournament’s first prediction-market partner.

Near-term market direction will hinge on whether Bitcoin and the broader market can reclaim immediate technical levels or fall to the next Fibonacci supports.