On Monday, the cryptocurrency market faced a shock after Moody’s downgraded the United States credit rating for the first time in 75 years from “Aaa” to “Aa1”. Leading altcoins such as Ethereum (ETH) 
$2,491, Solana 
$105 (SOL), and XRP experienced significant losses, erasing last week’s gains with drops up to 8%. The total market capitalization declined by billions within hours, while Bitcoin (BTC) 
$79,405 maintained its lead by settling around $103,000 after briefly rising to $107,000 on Sunday night. Analysts note that increasing Treasury yields are curbing risk appetite, although corporate purchases continue to support Bitcoin.
Kredi Notu Düşüşü Piyasayı Ters Köşe Yaptı
Moody’s downgrade of the US credit rating led to a sudden decrease in global risk appetite. This resulted in a broad sell-off across assets, from equities to commodities, as the 10-year Treasury yield rose to 4.5% and the 30-year yield surpassed 5%. The cryptocurrency market was also impacted. Ethereum saw its price dip to $2,380, while SOL, XRP, and ADA suffered 4-6% losses within the same time frame.
Valentin Fournier from the research firm BRN noted that volatility in Bitcoin and altcoins over the weekend was “mixed”, with a noticeable pressure on altcoins. According to Fournier, while institutional investors seeking returns provided partial protection for large-cap assets, they exerted a clear selling pressure on more speculative altcoins.
Following Moody’s decision, “dip-buying” attempts were insufficient, and weakening spot volumes increased market tension. Yet, Fournier stated that the bond shock lacked a catalyst to trigger a permanent panic selling, and investors were waiting for upcoming macroeconomic data.
Tasfiyeler ve Beklenen Sıkışık İşlem Bandı Dönemi
The sudden Bitcoin rally over the weekend caught both bullish and short positions in the futures markets unprepared. According to Coinglass data, the total liquidation amount within 24 hours on Sunday night exceeded $667 million, with $173 million coming from Bitcoin alone. Long positions saw $82 million wiped out, while short positions lost $91 million. On Ethereum, larger losses were incurred by those expecting higher prices, with $205 million in long and $58 million in short positions liquidated. These figures are limited to what exchanges reported, suggesting the real scenario might be more severe.
QCP Capital noted on Telegram that Bitcoin’s rise over the weekend, despite the credit rating shock, strongly indicates ongoing institutional accumulation. The Singapore-based company highlighted substantial purchases from the Japanese investment firm Metaplanet and US-based Strategy, emphasizing the impact of spot purchases on the market.
Fournier anticipates a tight, narrow trading range until the core PCE data is released on May 30. He stated, “The downside isn’t risk-free but limited. Fresh institutional demand or a new macro catalyst is needed for the upside.”
Market participants, while maintaining premiums in options strategies expecting volatility surges, believe that in the short term, the $100,000–$108,000 range could provide a balance area for Bitcoin in the spot market. In the altcoin sector, however, low-volume advances encourage investor caution. Analysts agree on the need for a compelling narrative for capital redistribution.
