The total crypto market cap slipped under $2.16 trillion on Friday, shedding 0.18% to trade near $2.15 trillion. The slide, which has been building since August 9, cracked the 0.382 Fibonacci level — a support line that had held for weeks. The break comes as US spot Bitcoin ETFs logged their first back-to-back outflows since late July, with $61.16 million leaving on August 12 and $131.13 million on August 13.
ETF outflows and the stock rotation
Combined, those two days saw $192 million exit the spot Bitcoin ETFs. The streak ended a quiet stretch for the funds, which had seen steady inflows through early August. The timing isn't great: US producer prices cooled to 4.7%, below forecasts, and the S&P 500 climbed 0.65% to 7,798.99 — near a record high. Money appears to be rotating out of crypto and into equities, a pattern that's been visible all week.
The $2.16 trillion line
That level isn't just a round number. It's the 0.382 Fibonacci retracement of the market's broader range, and it had been acting as a floor since the slide began. With it gone, the path forward depends on Friday's close. If the market reclaims $2.16 trillion by then, it could reopen the door to $2.20 trillion. If it stays below, the next stops are $2.12 trillion and then $2.09 trillion.
Canton Coin's bear flag
One token feeling the pressure is Canton Coin (CC), down about 4% near $0.096. It's lost 31% over the past 30 days, and the chart shows a bear flag pattern that's been forming since June 15. The lower trendline is at risk. Losing $0.093 could open a 48% breakdown toward $0.048 and then $0.041. Reclaiming $0.102 would steady things, and a push above $0.124 would flip the trend. But volume is low on both sides, so the token is range-bound between $0.102 and $0.093 for now.
What Friday's close could decide
The market's next move hinges on whether buyers step back in before the week ends. A close above $2.16 trillion would likely trigger a relief rally toward $2.20 trillion. A close below it sets up a test of $2.12 trillion — and if that fails, $2.09 trillion is the floor. For Canton Coin, the $0.093 level is the one to watch. It's been holding for weeks, but with volume this thin, it won't take much to break it.
