Why Is Crypto Down Today? – June 17, 2025

The cryptocurrency market has slipped back into the red. Out of the top 100 coins, only 10 have shown positive movement in the past 24 hours. The overall market capitalization dropped by 2.1%, now standing at $3.45 trillion. Meanwhile, trading volume surged to $118 billion, significantly up from yesterday’s $76.7 billion.

Market Summary

After a short-lived upward trend, the crypto sector is seeing another round of corrections. Bitcoin has remained relatively stable, trading at $106,856 with little movement in the last 24 hours. Ethereum, however, is down by 1.7%, currently priced at $2,584.

Tron emerged as the top-performing asset among major cryptocurrencies, gaining 2.5% and reaching $0.277. On the flip side, Solana and Dogecoin saw declines of 2.4%, trading at $153 and $0.1739 respectively.

Among all coins, WhiteBIT Coin (WBT) stood out as the biggest gainer of the day, jumping by nearly 30% to $51.62. In contrast, SPX6900 (SPX) suffered the steepest drop among the top 100, plunging by 13.1% to $1.44.

Tron’s Controversial Public Listing

Tron is reportedly preparing to go public in the U.S. via a merger with Nasdaq-listed SRM Entertainment. The plan is stirring controversy due to alleged ties with Eric Trump. While reports suggest he may have a leadership role, Eric Trump publicly denied any formal involvement, though he acknowledged his friendship with Tron founder Justin Sun.

This news adds another layer to the debate over transparency and ethics in blockchain ventures, especially as mainstream attention on crypto continues to rise.

Institutional Moves and Stablecoin Interest

Institutional players are becoming more involved in the digital asset space. JPMorgan recently filed a trademark for “JPMD,” potentially signaling plans for a new stablecoin focused on blockchain payments and settlements.

This move by one of the world’s largest banks has reignited speculation about a broader wave of bank-backed digital assets, especially those geared toward retail use.

Why the Dip? Market Sentiment and External Factors

HTX Research analyst Chloe Zheng pointed out that geopolitical tensions—particularly Israel’s recent military actions in Iran—contributed to the latest market pullback. Despite these developments, Bitcoin has remained relatively resilient, holding just above $106,000.

Zheng also highlighted that more than $1.1 billion in long positions were liquidated since June 13, with Bitcoin representing over 40% of that total. Still, she noted that market indicators remain largely bullish.

Open interest in Bitcoin options has surged to a record $42.5 billion. Most of the calls for June and July are clustered around $110,000 to $120,000 strike prices. Call premiums are significantly outweighing puts, showing a bullish sentiment, with a current put-to-call ratio of just 0.21.

Federal Reserve and Macro Outlook

The market is now bracing for the upcoming U.S. Federal Reserve meeting. Analysts expect Chair Jerome Powell to maintain a cautious tone, emphasizing data dependency without introducing major policy changes. Meanwhile, rising oil prices due to Middle East tensions may heighten inflation concerns.

Despite this, recent inflation indicators—including May’s CPI and PPI—suggest that core inflation remains relatively stable. This disconnect between data and market mood is contributing to short-term uncertainty.

Support and Resistance Levels

Bitcoin is now hovering around $106,856, below its intraday high of $108,785. The key resistance levels are at $108,951 and $110,406. On the downside, support can be found at $106,196, then $104,633, and finally $103,132.

Ethereum is also experiencing a mild pullback, currently at $2,584 after reaching a high of $2,672 earlier in the day. The next challenge is for ETH to hold above $2,610, followed by $2,670.

Investor Sentiment Improves

Despite the dip, the overall sentiment is slightly improving. The Fear and Greed Index moved upward from 50, suggesting that the market hasn’t fully transitioned into a risk-off mode.

U.S. Bitcoin spot ETFs saw another day of strong net inflows on Monday, with $408.59 million added—$266.6 million of which came from BlackRock. Ethereum ETFs also recorded a positive day, with $21.39 million in inflows, led by Grayscale and Fidelity.

Glassnode data shows that last week saw the third-highest inflow into U.S. ETH spot ETFs, with 195,320 ETH added.

Conclusion: Temporary Pullback or Deeper Correction?

While today’s downturn may appear concerning, many analysts view it as a typical short-term correction rather than the start of a larger trend. With critical geopolitical events and the Federal Reserve’s upcoming decision looming, traders and investors are likely to remain cautious in the coming days.

For now, Bitcoin appears stable, and Ethereum is holding key support levels, but macro conditions and policy updates will likely steer the next major move in crypto markets.