Global digital asset and commodity markets came under renewed pressure this week. Bitcoin (BTC) corrected to around US$62,000 amid growing indications of structured institutional liquidation, commonly referred to as campaign selling. This correction has not only impacted the crypto market but has also spilled over into commodities, prompting strategic adjustments among several global crypto firms.
Signs of Institutional Selling
Veteran trader Peter Brandt highlighted what he described as unusual price behavior in Bitcoin. He observed the formation of consecutive lower highs and lower lows over eight straight days, a pattern often associated with systematic selling pressure.
According to Brandt, this price action more closely reflects deliberate liquidation by large market participants rather than emotional reactions from retail investors. From a technical perspective, failure to hold current support levels could open the door to further downside toward the US$54,600 area.
Several indicators also point to signs of market capitulation:
- Short-term selling: Short-term holders reportedly sold approximately 60,000 BTC within 24 hours.
- Market sentiment: The Crypto Fear & Greed Index fell to 12, signaling extreme fear.
- Technical indicators: RSI remains in oversold territory, a condition that has historically appeared ahead of price base formation phases.
At the same time, institutional interest has not fully dissipated. BlackRock’s Bitcoin Spot ETF (IBIT) recorded daily trading volume of around US$10 billion, the second-highest level in its history. However, derivatives markets remain defensive, with implied probabilities suggesting only about a 6% chance of Bitcoin returning to the US$90,000 level by March.
Altcoin Pressure, Infrastructure Development Continues
Market pressure has also weighed heavily on altcoins. XRP has declined nearly 45% from its January peak, briefly touching US$1.22 after a daily drop of roughly 15%.
Despite weaker market conditions, development activity continues. The Payy project launched a privacy-focused Ethereum Layer 2 network, while Aster introduced its Layer 1 testnet, targeting a full launch in the first quarter of 2026.
Industry Strategy Adjustments: Gemini and Tether
Market stress has prompted several industry players to take strategic action. Crypto exchange Gemini announced its withdrawal from operations in the United Kingdom, the European Union, and Australia, alongside workforce reductions to refocus resources on the United States market.
In contrast, Tether has expanded its exposure to traditional finance through a US$100 million equity investment in Anchorage Digital, a federally licensed crypto bank in the United States.
On the political front, the crypto project World Liberty Financial (WLFI), which has been linked to Donald Trump, has drawn attention after the U.S. House of Representatives launched an investigation into an alleged US$500 million investment from officials in the United Arab Emirates, sparking debate over potential foreign influence in the digital finance sector.
Liquidity Pressures Extend to Commodities
Commodity markets have not been immune to these pressures. Gold and silver—typically viewed as safe-haven assets—have corrected amid rising liquidity needs. Silver fell from the US$70 per ounce level, while gold retreated to around US$4,899.
Analysts view this as part of a broader global liquidity stress test. Sharp declines in global technology stocks have forced investors to liquidate gold and silver positions to meet margin requirements elsewhere in their portfolios. Additional pressure came from CME’s decision to raise margin requirements for gold trading to 8% and silver to 15%, further constraining trader positioning.
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