Traders Turn Bearish on Bitcoin Following High-Profile Political Tensions, Data Shows

WikiBit 2025-06-07 09:52

Bitcoin (BTC) dropped sharply over the past 24 hours, nearing the $100,000 mark with an intraday low of $100,984. This price movement reflects increased

Bitcoin

Traders Turn Bearish on Bitcoin Following High-Profile Political Tensions, Data Shows

Bitcoin (BTC) dropped sharply over the past 24 hours, nearing the $100,000 mark with an intraday low of $100,984. This price movement reflects increased volatility across the crypto market following a public exchange on social media between US President Donald Trump and Tesla CEO Elon Musk.

Their clash appears to have triggered a wave of risk-off sentiment among traders. In response, the global crypto market cap slipped 4%, falling from over $3.4 trillion yesterday to $3.33 trillion. Meanwhile, the broader market correction has not gone unnoticed in derivatives data.

Derivative Metrics Reveal Bearish Sentiment Spike

According to CryptoQuant analyst Darkfost, the Binance net taker volume, a metric that measures the difference between aggressive longs and shorts, fell dramatically from $20 million to -$135 million in under eight hours.

Featured image created with DALL-E, Chart from TreadingView

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