The global cryptocurrency market lost $370 billion in value within hours as Bitcoin fell to $104,000 (–5%) and Ethereum slipped below $4,000. Analysts attribute the sell-off to ETF outflows and risk-off sentiment after U.S. bond yields spiked past 4.6%. Despite volatility, Bitcoin on-chain transactions remain up 40% year-on-year, suggesting continued network engagement. Traders expect support around $100,000 as institutional demand stabilizes through regulated ETFs and custodial flows.