Red Wave Hits Crypto: XRP Drops 5.51%, Ethereum Falls Below $2,600 as the US Government Moves $560M in FTX Crypto

None of the 10 largest cryptocurrencies by market cap gained value over the past 24 hours. XRP led the slide, losing 5.51%, with Ethereum (-4.40%) and Solana (-3.93%) close behind. Bitcoin fell 2.45% to $83,524, and total crypto market capitalization stands at $2.93 trillion. In the background, the US government moved more than $560 million in seized FTX-linked crypto to Coinbase Prime, while Tether announced a partnership with Kazakhstan's central bank to explore a stablecoin and tokenized assets.

Market in Numbers: Solid Red Across the Top 10

The market direction is unambiguous: selling dominates the top 10. XRP posted the steepest 24-hour drop (-5.51%), Ethereum was second (-4.40%), and Solana third (-3.93%). Bitcoin, despite a smaller decline, also came under pressure (-2.45%), sliding to $83,524.

The stablecoins USDT and USDC stayed near parity: USDT trades at $0.999599 (-0.03% over 24h), and USDC at $0.999699 (-0.02% over 24h). In the top 10, BNB is the only asset with a positive weekly change (+0.35% over 7d), while Zcash posted the worst weekly result (-6.51%).

Market caps of the individual top 10 assets are: Bitcoin $1.68 trillion, Ethereum $314.62 billion, Tether $184.01 billion, BNB $102.74 billion, XRP $89.68 billion, USDC $73.79 billion, Solana $68.51 billion, TRON $31.88 billion, Figure Heloc $24.02 billion, and Zcash $22.57 billion.

Top 10 Capital and Market Rank

Bitcoin remains the clear leader with a market cap of $1.68 trillion and holds 1st place in the ranking. Ethereum is second at $314.62 billion, and Tether at $184.01 billion. USDT 24h volume is $73.10 billion, higher than Bitcoin's $39.24 billion, which is typical of stablecoin turnover. XRP, fifth by market cap at $89.68 billion, remains far from its ATH of $3.65 and currently trades at $1.42. Solana, with a market cap of $68.51 billion, has an ATH of $293.31 and a current price of $116.31. Zcash, with a market cap of $22.57 billion, has an ATH of $3,191.93 and a valuation of $1,328.56.

The Wider Picture: Double-Digit Losses Beyond the Top 10

Outside the top 10, declines are sometimes even deeper. In Layer 2, Arbitrum is the weakest (-9.87%), and in DeFi, Uniswap (-9.65%). In Gaming & NFT, Pudgy Penguins is down (-6.82%), while among memecoins Shiba Inu fell (-6.10%).

Investing.com PL also noted that the EOS price is down 10% amid the sell-off. That shows the decline is broad and is not limited to the largest assets.

Ethereum Under Pressure: Net 8,380 ETH to Exchanges in 4 Hours

On-chain data point to rising Ethereum supply on exchanges. Over the past 4 hours, a net of about 8,380 ETH flowed onto exchanges, and 65 large transfers were detected in the past hour, including ones of about 37,034 ETH, 10,000 ETH and 9,999.955 ETH. The transfer log from recent hours includes, among others, a 9,800 ETH transaction between addresses 0x2ed1c6227d and 0xceb69f6342.

ETH contract funding is negative (about -0.5%), suggesting a dominance of short positions. Technical indicators remain mixed: an RSI of 38 and a bearish EMA 9/21 setup contrast with a bullish MACD. MEV risk, meaning sandwich attacks on decentralized exchanges, was rated 46/100, with 19 clusters across 6 blocks. If exchange inflows persist, selling pressure may stay elevated. A slowdown could ease it.

Bitcoin: Greed at 71, but Futures Are Not Heavily Leveraged

The Bitcoin network processed 755,968 transactions in 24h, and the asset is among CoinGecko's trending names. Even so, the price fell 2.45% to $83,524. The CryptoPulsar market cycle indicator for BTC stands at 31.4/50.

The technical picture is mixed: the daily RSI is 50.8, MACD remains bullish, but the 9-day average sits below the 21-day average, signaling a cooling trend. The Fear and Greed Index reads 71, in the greed zone. Perpetual contract funding is -0.003%, slightly negative. The data suggest speculative pressure may stay limited, with consolidation or a slow price stabilization the more likely path.

Solana, XRP and BNB: Large Transfers and Mixed Signals

For Solana, market cycle data show 36 SOL transfers above 10,000 tokens in the past hour, including the three largest at about 650,000 SOL each, or roughly $76 million apiece. Daily network activity is close to 4.97 million transactions. The SOL price fell 3.93% to $116.31. Indicators are mixed: RSI at 43.5, a bullish MACD, but EMA 9/21 remains in a bearish setup, and contract funding is near zero.

XRP processed 2.47 million transactions in 24h, and its price fell 5.51% to $1.42. The RSI stands at 68.3, approaching overbought territory, but MACD and the EMA 9/21 crossover are positive. XRP contract funding is about -0.0033%, which limits the risk of cascading liquidations. BNB, meanwhile, saw 12 large transfers in the past hour, the largest at about 14,395 BNB, or more than $11 million. BNB's RSI at 71.5 is nearing overbought levels, and contract funding is slightly negative (-0.003%).

On-Chain: High Activity Despite the Sell-Off

Despite the declines, network activity remains relatively high. Bitcoin processed 755,968 transactions in 24h, Solana close to 4.97 million transactions, XRP 2.47 million transactions, and BNB Smart Chain about 227,000 transactions. The data suggest the sell-off has not driven away active users, though large transfers may point to position reshuffling.