Bitcoin (BTC) is proving surprisingly steady around $87,000, even as traders pump the brakes ahead of what could be a market-moving decision from the Bank of Japan. The caution is understandable when you consider that $545.09 million in leveraged positions got wiped out over the past 24 hours alone.

On the institutional side, Bitcoin ETFs pulled in a hefty $457.3 million in net inflows on Wednesday, suggesting big money still sees value at these levels. Ethereum (ETH) ETFs weren't as lucky, bleeding $22.4 million in net outflows.

Putting the Drawdown in Perspective

Analyst Michael van de Poppe noted that most traders are sitting this one out until the BOJ announces its decision, warning that when everyone expects one thing, markets have a funny way of doing the opposite. He's watching for a clean break above $88,000 as the signal that bulls are back in control.

Crypto trader Jelle offered some historical context worth considering: Bitcoin is down roughly 36% from its cycle highs, marking the deepest pullback this cycle. But here's the thing, that's actually tame compared to the gut-wrenching drawdowns Bitcoin has survived in previous cycles. The asset has weathered far worse and lived to tell the tale.

Ted Pillows is eyeing Ethereum as it retests the $2,800 level. Hold there, and a push toward $3,000 looks feasible. Break down, and $2,500 becomes the next stop.

Veteran trader Peter Brandt flagged a potential double top pattern forming on XRP (XRP), keeping the near-term outlook bearish unless that pattern fails to play out.

Satoshi Flipper pointed out that Solana (SOL) is retesting descending channel support on the 4-hour chart. If that level gives way, price could tumble toward $145.

Meme Coins Continue Their Slide

The meme coin sector isn't having a great time either, sliding another 4% to a $41.3 billion market cap. Crypto Tony said Dogecoin (DOGE) only becomes interesting if it can reclaim and hold $0.128 as support, suggesting the popular meme coin needs to prove itself before attracting fresh buying interest.