Crypto Markets End Worst Half-Year Since 2022 with Bitcoin Down 32%

Crypto markets have closed their worst half-year since 2022, with Bitcoin (BTC) down 32% and Ether plummeting 47%. Despite this, BTC managed to bounce from its lowest point in over a year at $58,100 to close above $59,700.

The global cryptocurrency market cap has fallen by 3.22% over the last 24 hours, reaching $2.04T according to CoinMarketCap data. Most major cryptocurrencies are trading mixed, with some notable exceptions like G, HEI, and TNSR, which have seen significant gains of 45%, 33%, and 18%, respectively.

The Russell index reshuffle, pension selling, and $10.6B options expiry all collided at Friday's close, making it the most mechanically complex end-of-session of the year. STRC has collapsed to $73, 27% below its par value, while Strategy's shares have lost 85% since their November 2024 ATH.

Gabe Selby from CF Benchmarks notes that the $50K, $60K zone is where buyers typically step in based on historical precedent. However, for now, Bitcoin remains under pressure, with a significant portion of its supply still held by long-term holders.