Crypto markets stumbled over the weekend amid renewed tensions between the U.S. and China and significant sell-offs by Bitcoin whales.
Dogecoin (DOGE) led the decline among major altcoins, dropping more than 8%, while Pepe (PEPE) fell sharply by 12%. Bitcoin slid over 2%, dipping below the $104,000 threshold and trading near $103,600 during Asian hours on Saturday. The CoinDesk 20 index tumbled 4.2% in the past day.
Ether (ETH) saw a nearly 4% drop, with XRP, BNB Chain (BNB), Cardano (ADA), and Solana (SOL) losing between 2% and 5%. The lone standout was Cronos Network’s CRO, rallying 12% despite no obvious news.
Market watchers linked the sell-off to escalating U.S.-China trade disputes. “The market turned red on Friday as fresh tariff concerns emerged,” said Alex Kuptsikevich, chief market analyst at FxPro. “President Trump accused China of violating the trade truce, and Treasury Secretary Scott Bessent confirmed talks had stalled.”
Data from Deribit highlighted rising caution in derivatives, with Bitcoin futures open interest up 51% since April and options activity increasing 126%.
Meanwhile, Bitcoin whales — large holders who had been accumulating coins earlier this year — began offloading, sending assets back to exchanges in what many interpret as profit-taking.
“Bitcoin’s support near $103,000 is holding for now,” Kuptsikevich added, “but with geopolitical tensions intensifying and whales stepping back, volatility is likely to increase.”
