The crypto market took a hit on Friday, with the total market value slipping 2% as most large-cap tokens traded lower. According to CoinGlass data, total liquidations reached $232 million over the past 24 hours, with long positions accounting for roughly $159 million. Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, saw significant liquidations of $105 million and $90 million, respectively.
ETFs and Macro Conditions
Flows into U.S. spot crypto exchange-traded funds (ETFs) remained negative on a weekly basis, despite a net positive day on Friday. SoSoValue data reveals that spot Bitcoin ETFs recorded net outflows of nearly $360 million last week, similar to the previous week’s total, bringing total net assets to $87 billion by February 13. Spot Ethereum ETFs also posted weekly outflows of $161.2 million, with total net assets of $11.7 billion.
Revised Labor Data Fuels Market Caution
The U.S. Bureau of Labor Statistics (BLS) released revised labor data on Friday, February 13, revealing that employers added just 181,000 jobs in 2025. This figure is far below the previously estimated 584,000 and the 1.46 million added in 2024. The disappointing jobs report has reinforced caution among investors, contributing to the downturn in crypto markets.
Regulatory Developments
In a related development, U.S. Treasury Secretary Scott Bessent called for Congress to advance the CLARITY Act, which aims to set federal rules for digital assets. Speaking on CNBC, Bessent emphasized that the act would provide “great comfort” to the markets. However, he cautioned that bipartisan support for the act could weaken later this year, adding a layer of uncertainty to the regulatory landscape.
Market Outlook
The combination of weak labor data and ongoing regulatory uncertainty has put additional pressure on the crypto market. Analysts suggest that the market may need more robust economic indicators and clearer regulatory guidelines to regain investor confidence. Despite the current downturn, some experts remain optimistic about the long-term potential of cryptocurrencies, particularly if the CLARITY Act is passed and implemented effectively.
In the short term, traders are advised to remain cautious and monitor both macroeconomic indicators and regulatory developments closely. The next few weeks will be crucial in determining whether the crypto market can recover and stabilize, or if further volatility lies ahead.
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