The cryptocurrency market experienced a sharp selloff over the past 24 hours, wiping out roughly $140 billion in value and pushing total market capitalization down to $2.37 trillion, its lowest level since early April.
The steep decline triggered widespread liquidations across the market. Data from Coinglass shows that more than 265,000 traders were liquidated during the period, with total losses reaching $1.63 billion. Long positions accounted for nearly 89% of those liquidations, with Bitcoin and Ethereum traders bearing the brunt of the damage.
Joao Wedson, founder of Alphractal, warned that additional downside pressure could emerge as prices approach key liquidation zones. He noted that once prices begin accelerating toward these levels, a wave of automated liquidations can spread rapidly across multiple exchanges, intensifying market volatility.
Large Bitcoin Holders Continue Selling
According to blockchain analytics firm Santiment, the recent decline in cryptocurrency prices, especially Bitcoin’s weakness over the past week, has been driven largely by selling activity from major holders.
The firm reported that wallets holding between 10 and 10,000 BTC sold a combined 24,602 Bitcoin during the last seven days. In contrast, smaller investors with balances below 0.01 BTC accumulated only 61 Bitcoin over the same period, highlighting a significant imbalance between large scale selling and retail buying.
Market sentiment has also deteriorated sharply. Santiment observed that social media discussions reflect a growing sense of fear among traders, with many reacting negatively to Bitcoin’s lowest valuation since early April. The firm added that concerns surrounding sales linked to Michael Saylor’s Strategy have contributed to the bearish mood.
Long time Bitcoin critic Peter Schiff argued that investor confidence remains too high for the market to have reached a true bottom. He suggested that a break below the $50,000 level could trigger a much deeper correction, potentially forcing long term holders to capitulate.
Meanwhile, Bitcoin author Adam Livingston described the latest decline as a severe selloff, characterizing it as the type of market move that often sparks panic among retail investors.
Bitcoin and Ethereum Extend Losses
Bitcoin fell approximately 6% during the session, touching $65,300 in early Asian trading before stabilizing near $66,500. The flagship cryptocurrency remains under significant pressure and has yet to recover from its two month low.
Ethereum suffered even steeper losses, dropping 7% to around $1,850, its weakest level in four months. Analysts have been warning of a deeper correction across the digital asset market, and recent price action suggests those concerns may now be materializing.
With large holders continuing to reduce exposure, institutional demand remaining subdued, and market sentiment firmly in fear territory, investors are closely watching whether support levels can hold or if another wave of selling is on the horizon.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
