The crypto market has witnessed a notable decline today, with major crypto assets like Bitcoin, Ethereum, XRP, and Solana shedding their gains from earlier in the week. This market crash comes amid concerns that old BTC whales may be offloading their coins, having moved over $8 billion today.
Why The Crypto Market Is Down Today
TradingView data shows that the total crypto market cap is down almost 2% today, dropping to $3.28 trillion. This drop has occurred following significant declines in the prices of major assets like BTC, ETH, XRP, SOL, and BNB.
The Bitcoin price had dropped to as low as $107,600 today, recording a loss of over 2%. ETH is also down over 3% while XRP, SOL, and DOGE are down 2.67%, 2.70%, and 4.70% respectively.
Old BTC Whales Look To Be Selling
One reason the crypto market is crashing is the panic among investors that Bitcoin whales may be selling their holdings. As CoinGape reported earlier today, a Satoshi Era whale moved $2.14 billion BTC after 14 years of inactivity. Such movement typically raises concerns as it suggests that the investor is looking to offload their coins.
A sale of such magnitude can also massively impact the market, especially if it goes through exchanges rather than over-the-counter. This panic has further increased as more dormant wallets have coins worth over billions of dollars today.
Onchain analytics platform Lookonchain indicated that all these dormant wallets might be linked to a single entity. This old BTC whale has now transferred over 80,000 BTC ($8.69 billion) today and might be looking to offload them.
Currently, all 8 wallets woke up after 14 years of dormancy and transferred out 80,009 $BTC($8.69B).https://t.co/5FjcAQxb89 pic.twitter.com/HuoQT5hjFF
— Lookonchain (@lookonchain) July 4, 2025
Trade Deadline Sparks Concerns
The Trump tariffs deadline, which comes up on July 9, has also contributed to the crypto market crash. The US has yet to strike deals with economic powerhouses like India, Canada, and the EU.
Donald Trump has also dismissed rumors that he plans to extend the tariff deadline. Bitcoin and other crypto assets risk another decline if the US fails to strike these trade deals, since the reciprocal tariffs will then come into force.
According to a Bloomberg report, Trump plans to start notifying countries of US tariffs up to 70% from today. The president remarked that by July 9, they will be done informing these countries of the import duties placed on them, which will take effect from August.
Rate Cut Hopes Diminish
The crypto market has also crashed as hopes of a July Fed rate cut fade. As CoinGape reported, the odds for Powell and the FOMC to keep rates unchanged following the July meeting have surged above 90%.
This came following strong US job data, which suggests that the labor market is solid and that there is no need for the Fed to hurry and cut rates. Thanks to this development, traders are now betting on just two 25-basis-point (bps) rate cuts later in the year, according to CME data.
#FedWatch: Calls for three cuts in 2025 fade.
After today’s jobs report, markets are now pricing in two rate cuts in 2025 (year-end target range of 375-400 bps) as the most likely scenario. pic.twitter.com/M5ADG0d1by
— CME Group Interest Rates (@Interest_Rates) July 3, 2025
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing.
Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.
