Lead
Crypto markets reeled as about $1.8 billion in positions were liquidated in 24 hours, pushing Bitcoin toward the key $100,000 level and sending Ethereum down over 12%, its worst daily decline in eight months. The Crypto Fear & Greed Index fell to 23 (extreme fear), while analysts warned of potential further downside if selling pressure persists.
Key Developments
- Roughly 436,898 traders were liquidated over the last day, with total liquidations reported around $1.73–$1.78 billion, including about $1.38 billion in long positions.
- The largest single liquidation was an ETH-USD position worth $26.06 million on Hyperliquid.
- By asset, liquidations were led by BTC (~$232.9M) and ETH (~$127.7M).
- Yesterday marked Bitcoin’s second-worst day of 2025 by daily performance before a modest rebound.
Market Impact
- Bitcoin (BTC) traded near $101,726, reclaiming the six-figure threshold after the sell-off.
- Ethereum (ETH) hovered around $3,326 following a more than 12% daily drop — its worst in eight months.
- Total crypto market capitalization stood near $3.70 trillion, with Bitcoin dominance at ~59.97%.
- The Fear & Greed Index hit 23 (extreme fear), underscoring deteriorating risk sentiment. Fear & Greed Index
- Select altcoin movers: within the top 100, Aster (ASTER) gained about 24%, while Dash (DASH) fell roughly 11.5%.
- On derivatives, extreme volatility saw Momentum (MMT) spike from its $0.40 Binance listing price to nearly $10 intraday, triggering about $130 million in short liquidations.
- Relative value: the BTC/Gold ratio retreated to a key support area, recently near 25.43, with a notable support band around 25.00.
Analyst Views and Flows
- CryptoQuant analysts cautioned that BTC could fall toward $72,000 if it fails to hold $100,000, citing:
- Weak spot and ETF demand
- A negative Coinbase premium
- A subdued internal Bull Score of 20/100
- CryptoQuant’s head of research Julio Moreno linked the correction to weak buyer activity following a major liquidation event on October 10.
- Short-term BTC holders continue to sell at a loss, adding pressure; around 30,000 BTC flowed to exchanges in the past day.
- While aggregate CEX BTC reserves are edging lower, Binance reserves have risen, a setup analysts view as a potential precursor to heightened volatility.
- Despite the drop, large wallets accumulated: over the past two days, whales bought 323,523 ETH (about $1.12 billion).
Notable Commentary
“Trump bragged about the U.S. winning the cryptocurrency market. But crypto investors are taking heavy losses. Almost all crypto-related stocks hit new 52-week lows today, most of them down at least 50%, if not more. Trump’s DJT shares are down nearly 70%. The company BLSH should be renamed bearish.” — Peter Schiff
Schiff also said bitcoin has fallen by about one-third relative to gold.
By the Numbers
- Total liquidations (24h): ~$1.73–$1.78B
- Long liquidations (24h): ~$1.38B
- Traders liquidated (24h): ~436,898
- Largest single liquidation: $26.06M (ETH-USD, Hyperliquid)
- BTC liquidations: ~$232.9M | ETH liquidations: ~$127.7M
- BTC price: ~$101,726 | ETH price: ~$3,326
- Market cap: ~$3.70T | BTC dominance: ~59.97%
- Fear & Greed Index: 23 (extreme fear)
Outlook
The immediate focus is on Bitcoin’s $100,000 support and whether spot and ETF demand can stabilize flows. Persistent exchange inflows, rising reserves on key venues, and fragile sentiment argue for continued volatility. Conversely, ongoing ETH whale accumulation and any policy-driven liquidity tailwinds could temper downside risk. Near term, watch exchange balances, derivatives funding, and reaction around $100K for direction cues; a decisive break could open room toward the $72K downside scenario flagged by analysts.