Crypto Markets Face Headwinds: Bitcoin & Ethereum See Downside, Sui Network Stalls Amid Regulatory Moves
Crypto Markets Face Headwinds: Bitcoin & Ethereum See Downside, Sui Network Stalls Amid Regulatory Moves
The cryptocurrency market is experiencing a period of volatility and significant developments across several fronts. Bitcoin has plunged to six-week lows, exacerbated by a record nine-day outflow streak from spot ETFs. Ethereum also faces substantial downside pressure, with analysts keenly watching key support levels. Adding to market jitters, the Sui network suffered another temporary outage due to a recurring software bug. Meanwhile, regulatory bodies like the CFTC are actively engaging with the derivatives market, backing perpetual contracts, and Coinbase is expanding access to global crypto derivatives for US institutional clients.
The CFTC issued notices affecting platforms seeking to offer cryptocurrency perpetual futures contracts, including a no-action position for Coinbase and approval for Kalshi.
The outage was caused by the same network update software bug that disrupted the protocol on Thursday, which resulted in nearly six hours of downtime.
The exchange's integration with Deribit gives eligible US institutional investors access to global crypto options and perpetual futures markets.
Bitcoin saw its lowest levels since the middle of April as BTC price action continued ot diverge from thriving US stock markets.
Former CEO Alex Mashinsky filed documents seeking to vacate his 12-year sentence, which included claims involving FTX and a “hostile takeover” by a former Celsius executive, who was sentenced to time served.
Analysts warn Ether’s downside risks remain elevated as traders closely watch the $1,800 support zone for stability.
Spot Bitcoin ETFs recorded a nine-day outflow streak totaling $2.84 billion, surpassing an eight-session outflow run in February 2025.