Bitcoin’s Bank-Jitters Flush

In partnership with

Hey Degens,

Bank wobble vibes are back.

Regional lenders got smoked, risk came off, and Bitcoin followed under $105K for the first time since June.

Sentiment snapped from “meh” to “fear,” and the whole market shed ~$230B in a day.

Same energy as March ‘23, minus the $20K prints…so far.

TL;DR

• BTC hit a 15-week low < $105K as US regional bank stress spilled into crypto.

• Traders are split: reclaim $110–112K for a bounce… or slide into a $101–102K “last support” zone with a shot at $100K.

• Fear & Greed slid to 28 as total crypto mcap fell ~6% day over day; ETFs saw outflows, but liquidations were way smaller than last week.

Crypto’s Most Influential Event

This May 5-7 in 2026, Consensus will bring the largest crypto conference in the Americas to Miami’s electric epicenter of finance, technology, and culture.

Celebrated as ‘The Super Bowl of Blockchain’, Consensus Miami will gather 20,000 industry leaders, investors, and executives from across finance, Web3, and AI for three days of market-moving intel, meaningful connections, and accelerated business growth.

Ready to invest in what’s next? Consensus is your best bet to unlock the future, get deals done, and party with purpose. You can’t afford to miss it.

Register & Save 20% with BEEHIIV

🧃 THE RUNDOWN

Bank Run Déjà Vu
Regional bank stocks rolled over, crypto flinched. BTC lost daily MAs and kissed the 200-day for the first time in months.

Line in the Sand: 110–112K
Traders want a clean reclaim; fail there and the market keeps probing $101–102K with $100K in the conversation.

Fear Is Back
Fear index hit 28 while ~$230B evaporated across majors, memecoins bled hard, and NFTs gave back their bounce.

Flows & Leverage
Spot BTC ETFs booked ~$536M outflows (ETH: ~$56M). Open interest held up; liquidations (~$556M) were tame vs last week’s $20B wipe.

Gold Chest-Thumping
Gold printed ATHs; Schiff chirped that gold hits $1M before BTC. Others think profits rotate back into BTC on resolution.

Main Event: “Bank stress playbook, 2025 edition”

US regional banks slipped again, and crypto did what it did in 2023: panic, puke, scan support.

BTC slipped below $106K, lost near-term support around $108K, and tagged the 200-day MA for the first time in 6+ months.

That puts the trading map pretty clear:

• If bulls flip $110–112K back to support: you can get a reflex to prior ranges.

• If they don’t: there isn’t much until $101–102K, which multiple traders flagged as a “logical bounce” area. Miss there and the room starts talking $100K in earnest.

Bigger picture: this was broad risk-off, not just “crypto did crypto things.”

Stocks were shaken, and the Fear & Greed Index for crypto slid to 28, lowest since April.

ETFs followed (BTC outflows ~$536M; ETH ~$56M), but leverage didn’t doom-spiral: total liquidations (~$556M) were a rounding error compared with last week’s epic flush. That suggests positioning already lightened up into the move.

My read: this feels like a macro air-pocket plus technical slippage, not the start of a structural rug.

Price still respects the 100–102K neighborhood as “make or break,” and the market’s already de-risked a chunk.

If banks calm and BTC reclaims 110–112K, the squeeze fuel is there. If not, we let the wick print into $101–100K and re-price from the 200-day neighborhood.

Bottom line: These habits are boring, which is why they work.

Deeper Cuts - Mayer Multiple: why “room to run” still fits

• Sentiment reset: Total crypto mcap slid from ~$3.78T → $3.54T (-6%) in one day; majors fell ~8–9% on average. That’s a textbook “fear spike,” not a credit-style cascade.

• Rotation chatter: Gold hit new highs and the usual gold-vs-BTC debate flared. Even as Schiff called for gold to reach $1M before BTC, some crypto traders expect profit-taking in gold could boomerang back into BTC once stress cools.

• Liquidity map: On Binance, bid liquidity stacked near $108.2K while shorts were set to pop above $110K—classic magnets framing a whippy range until one side breaks.

Mini Hot Takes

• Banks wobble, crypto remembers: 2023’s playbook is still in the drawer—panic, wick, recovery. Timing is the trick.

• $110–112K is the tell: Above it, market breathes. Below it, we flirt with $101–100K. Simple levels, big consequences.

• ETFs blinking, not bailing: Outflows showed nerves, but nowhere near capitulation.

• Fear at 28 is a feature: You don’t get durable rallies without scaring people first. Box checked.

Ugly day, clean levels. If banks settle down and BTC reclaims 110–112K, expect a relief rip. If not, $101–100K is where the market will try to write a higher-low story.

Trade the levels, not the headlines. See you on the other side of the wick.

— Dr. P & The DegenDen Team

Meme of the Day