What the Crypto Community is Thinking as Bitcoin Slips

Traders are growing cautious, and the crypto mood is beginning to shift. Bitcoin has stalled near $115,500, and momentum is no longer as confident as it was earlier this month.

One key indicator, the CMC Fear & Greed Index, now sits at 66—still in the “Greed” range but cooling from a recent high of 71.

This changing mindset comes amid rising leverage, liquidations, and a quiet rotation from Bitcoin into Ethereum.

Bitcoin under pressure as risk builds in derivatives

Leverage is rising fast. Open interest in Bitcoin futures jumped 15.9% in the past 24 hours, reaching $736 billion. But with the price stuck in a narrow range, that’s making the setup fragile. Long positions worth $145 million were liquidated in a single day—an 87% surge.

Perpetual funding rates also dropped 35%, signaling that bulls are beginning to back off. Spot trading volume is weak, and only 23% of derivatives volume is backed by actual buying, showing a market driven more by speculation than conviction.

Ethereum quietly takes the lead with institutional flows

While Bitcoin struggles, Ethereum is drawing fresh attention. ETH-based ETFs saw $2.4 billion in inflows over six days—three times more than BTC products.

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BlackRock’s ETHA alone brought in $1.79 billion. Fidelity’s FETH recorded its best day ever with $210 million in flows. The ETH/BTC ratio rose 9% this month, while corporate ETH holdings now make up 1.91% of total supply.

Traders look to Bitcoin’s next big move

With altcoins still lagging and Ethereum rising in the background, Bitcoin remains the key signal. A close above $117K could spark a short squeeze, but failure to hold $114K might trigger another wave of selling.

For now, the crowd is cautious—but not panicked. That could change fast.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.