Overall, the mood stays gloomy, with bitcoin traders likely holding off for either a decisive trend shift or a strong bounce backed by heavy volume, as bearish forces currently have the upper hand. In the last 24 hours, bitcoin has tallied $35.53 billion in global trading volume, but even with today’s dip, BTC remains up 4.4% for the week.

BTC/USD 1-hour chart via Bitstamp at 7:30 p.m. Eastern time.

The drop, however, has pulled the entire crypto market down by 2.47%, bringing its total value to $3.32 trillion. While BTC slipped 2.3%, ethereum ( ETH) fell 4.5%, XRP dipped 3.24%, and solana ( SOL) gave up 4.9% against the U.S. dollar. Among the top ten coins, dogecoin ( DOGE) took the hardest fall, dropping 5.9% in value on Thursday.

The hardest hit of the day was EOS, tumbling 15.28%, followed by AI16Z, which dropped 14.45%. KAITO slipped 12.15%, and PNUT gave up 11.22%. Over the last day, a hefty $645.67 million in long and short positions vanished from the derivatives market, with $297.42 million tied to bitcoin longs alone.

Coinglass liquidation stats show a massive $201 million wipeout.

Notably, coinglass.com data highlights a massive $201 million liquidation on a BTC/ USDT trade. Where BTC goes next is anyone’s guess, but seasonal patterns hint that the third quarter has traditionally been a softer stretch for bitcoin prices. As of 7:30 p.m., BTC is cruising at $106,152 per coin on Bitstamp and $106,133 based on the weighted global average.

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