Crypto sells off broadly as revised Bitcoin reserve bill drops its 1-million-BTC purchase target

The day's clearest catalyst was a revised US strategic Bitcoin reserve bill that surfaced in Congress. The updated version dropped its original target of purchasing 1 million BTC — a figure that had been cited as a potential source of sustained government buying pressure — and introduced a 20-year lockup period for any Bitcoin the government holds. Markets read the revision as a meaningful step back from aggressive accumulation. The original bill had implied a large, price-supportive buyer entering the market; the revised version removes that expectation entirely. Bitcoin fell 3.6% to $74,610, pulling most of the top 20 assets lower with it. Ethereum dropped 4.7% to $2,027.98. Solana and Dogecoin each fell roughly 6%, and Cardano slid 5.4%. Zcash was the hardest hit among the top 15, falling 11.4% to $578.15 — no specific project-level catalyst was apparent for that move beyond the broader risk-off tone. Toncoin, the day's biggest loser across all tracked assets, dropped 12% with no clear project-specific trigger. Adding to the cautious mood, Congress launched a large-scale insider trading investigation into prediction markets Polymarket and Kalshi. While neither is a crypto exchange, both operate in the crypto-adjacent space and rely on similar regulatory goodwill. The probe signals that congressional scrutiny of crypto-adjacent platforms is widening beyond exchanges and token issuers. Robinhood's Crypto COO Tanya Denisova also announced her departure amid a revenue slowdown at the firm — executive turnover during a revenue dip adds to the day's cautious backdrop without being a direct market-moving event on its own. The Fear & Greed index at 28 reflects the session's mood: fear territory, not panic. BTC dominance held at 58.1%, suggesting the selloff was broad rather than a rotation out of Bitcoin specifically — everything fell together.

• –SEC Commissioner Hester Peirce pushed back on concerns that a new crypto rule would encourage the creation of synthetic tokens, arguing the regulation is narrower in scope than critics have suggested.
• –F2Pool's founder, who controls roughly 11% of Bitcoin's total mining hashrate, is set to lead the first crewed SpaceX mission to Mars — an unusual intersection of crypto infrastructure and space exploration.