Bitcoin, Ethereum, XRP, Dogecoin Slide as 'Extreme Fear' Persists: Analyst Notes Half of BTC Circulating Network Now Sitting 'Underwater'

Leading cryptocurrencies reversed course on Tuesday amid negative sentiment in the market, but analysts believe the sell-off may have carved out a bottom.

Cryptocurrency 24-Hour Gains +/- Price (Recorded at 9:10 p.m.

EDT) Bitcoin (CRYPTO: BTC) -2.52% $58,223.10 Ethereum (CRYPTO: ETH) -1.54% $1,566.30 XRP (CRYPTO: XRP) -1.43% $1.03 Solana (CRYPTO: SOL) -1.34% $73.20 Dogecoin (CRYPTO: DOGE) -1.38% $0.07144 Crypto Market Retreats Bitcoin pulled back to about $58,000 after Monday’s surge, while 24‑hour trading volume ticked up slightly.

Ethereum pulled back from $1,600 and traded around the $1,500 level, while XRP and Dogecoin slipped modestly.

Cryptocurrency-related stocks pulled back, with Strategy Inc. (NASDAQ: MSTR ) and Bitmine Immersion Technologies Inc. (NYSE: BMNR ) closing down 6.20% and 3.55%, respectively.

Nearly $250 million was liquidated from the cryptocurrency market in the last 24 hours, with $183 million in bullish long positions alone erased, according to Coinglass data.

Bitcoin’s open interest rose 1.52% over the last 24 hours.

An increase in open interest when the price falls indicates a short buildup, meaning sellers are entering the market to create new short positions. "Extreme Fear" sentiment persisted in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours) Cryptocurrency (Market Cap>$100 M) Gains +/- Price (Recorded at 9:10 p.m.

EDT) MemeCore (M) +22.20% $0.7516 Humanity (H) +18.62% $0.08672 dYdX (DYDX) +13.85% $0.1793 The global cryptocurrency market capitalization stood at $2.07 trillion, broadly unchanged over the last 24 hours.

Read Also: Peter Schiff: Imagine How Much Weaker Bitcoin Will Still Be When Saylor Starts Selling Dow Hits New Closing High Stocks extended their gains on Tuesday.

The Dow Jones Industrial Average surged 136.46 points, or 0.26%, to close at a record high of 52,319.20.

The S&P 500 lifted 0.79% to end at 7,499.36, while the tech-heavy Nasdaq Composite rallied 1.52% to settle at 26,213.72.

Dow finished June 2.43% higher, while the S&P 500 and the Nasdaq slid 1.32% and 3.22%, respectively.

Bitcoin Inside ‘High-Coviction Accumulation Zone’ Ali Martinez, a widely followed cryptocurrency analyst and trader, noted that Bitcoin’s supply in loss has exceeded its supply in profit for the first time in this cycle.

Martinez said that this on-chain crossover has historically aligned with “major” cycle bottoms in 2011, 2014, 2018, and 2020. “While historical data shows that the duration of these crossover periods can vary from a few weeks to several months before a primary trend reversal begins, it confirms that BTC is currently trading inside a high-conviction accumulation zone,” the analyst added.

10.50 MILLION BITCOIN HELD AT LOSS For the first time this cycle, Bitcoin's supply in loss, currently at 10.45 million BTC, has officially surpassed its supply in profit, at 9.60 million BTC.

With more than half of the circulating network sitting underwater, this rare crossover… pic.twitter.com/MO7vVwXTcg — Ali Charts (@alicharts) June 30, 2026 On-chain analytics firm CryptoQuant highlighted a negative Coinbase Premium Index for Ethereum, suggesting high selling pressure from U.S. institutional investors.

At the same time, funding rates on Binance have turned negative, which suggests leveraged traders are leaning bearish. “The combination of deeply negative funding rates and a discount on Coinbase often characterizes a ‘Wall of Worry,'” the analytics firm said. “Historically, when speculative sentiment is this depressed while organic supply is being absorbed by staking, it creates a fragile environment for short-sellers.” Ethereum’s Wall of Worry: Negative Sentiment Meets Staking Absorption "Historically, when speculative sentiment is this depressed while organic supply is being absorbed by staking, it creates a fragile environment for short-sellers." – By @CryptoOnchain pic.twitter.com/C8XO4Omlmp — CryptoQuant.com (@cryptoquant_com) June 30, 2026 Read Also: Tom Lee Says Crypto Is 'Not Really Broken', But Missing Bitcoin's Best Days Can Break Your Balance Photo: KateStock / Shutterstock