Crypto Carnage: Bitcoin Crashes Below $117K, Ethereum Nosedives to $4.4K—Treasury Firms Reeling

Blood in the streets as digital asset treasuries take a hammering.

Bitcoin's brutal plunge below $117K triggers panic—Ethereum isn't faring better, collapsing to $4.4K. Institutional portfolios are hemorrhaging value, and the 'hedge against inflation' narrative? Taking a vacation.

Who needs volatility when traditional finance offers such reliable 2% yields? (Cue laughter from crypto degens.)

This isn't a dip—it's a full-scale liquidation party. Buckle up.

Breaking from the trend, KULR Technology (KULR) gained over 5% after reporting second quarter revenue growth of 63% year-over-year, the highest in its history, driven by its bitcoin-first balance sheet strategy.

Firms with ETH-heavy portfolios suffered steeper losses.

Bitmine Immersion Technologies and SharpLink Gaming, the two most prominent ethereum strategy firms, declined 7% and 14%, respectively, in the early hours of the session.

Solana-focused companies weren't spared either. Upexi (UPXI) plunged over 9%, while DeFi Development (DFDV) was 5% lower.

BTC, ETH, SOL rally cools

The MOVE coincided with bitcoin (BTC) sliding below $117,000, extending its reversal from Thursday's short-lived spike to $124,000, a new all-time high. Ether (ETH) tumbled back after challenging its record high above $4,800, now barely holding the $4,400 level.

DATs pursue a strategy to raise funds by selling equity and debt to accumulate cryptocurrencies, a playbook pioneered by Michael Saylor's Strategy. They are seen as a high-beta play on crypto prices, rising more when the underlying asset rallies, but suffering bigger drawdowns when the market cools.

Most crypto-related stocks also traded lower during the session. Bitcoin miner Riot Platform and digital asset conglomerate Galaxy (GLXY) were lower by roughly 8%. Coinbase (COIN) was modestly down 1.6%, while Circle (CRCL) gained 3.5% following the successful completion of a secondary share offering.