Yesterday, the coin market was really chaotic. Bitcoin dropped below $89,000 and continued to fall, reaching the mid-$88,000 range. Due to the collapse of the Japanese bond market, risk asset sell-offs intensified, and now the U.S. tariff controversy has added to the turmoil.

It was serious from the start. Bitcoin fell 3.6% in a day, Ethereum dropped 6.7%, and Solana experienced an even larger decline. Privacy coins like Monero plummeted over 10%. The coin crash was truly widespread. The fear index even dropped to 31.

What’s interesting is that gold rose at the same time. Gold increased over 3%, reaching $4,750. Investors flocked to safe assets. One analyst explained it was due to geopolitical tensions and U.S. fiscal uncertainty, and said that risk assets like Bitcoin are limited in liquidity, so they inevitably lag behind.

Despite the coin crash, there were some interesting movements. In the derivatives market, short positions increased, and Ethereum trading volume surpassed Bitcoin’s. Cryptocurrency-related stocks also declined, with mining companies and some financial service firms experiencing significant drops.

A veteran trader said Bitcoin could fall to $58,000–$62,000, and based on options data, there’s a 30% chance it could drop below $80,000 by the end of June. No one is certain where the bottom of the coin crash will be.

One positive sign, however, is that the total value locked (TVL) in the DeFi market continued to rise. Even if prices fall, there’s still demand for profit-seeking. Some tokens even increased in value.

Experts warn that if the Japanese bond volatility index, MOVE, reaches 130–140, some form of bailout will become unavoidable. The market seems to be truly unstable. There are also opinions that Bitcoin needs to break above $100,000 to recover its upward trend.