Bitcoin (BTC) plummeted below $64,000 on Thursday amid a fierce sell-off, erasing all gains since the election.
This cryptocurrency bounced slightly to $63,750 after hitting a session low of $63,549 on **Binance**, and has fallen 5.55% over the last 24 hours.
Ethereum (ETH) collapsed below $1,900, trading at $1,871 after hitting $1,868 at the time of writing.
Forced liquidations occurred in the derivatives market, causing support levels to collapse one after another, expanding selling pressure like an avalanche.
Bitcoin has fallen to its lowest level since October 2024, giving back all the gains accumulated since Donald Trump's election.
What happened?
Leverage traders suffered massive losses as positions collapsed across major exchanges. According to data, the total liquidation amount over 24 hours reached $1.82 billion.
Long positions accounted for $1.62 billion, and as bullish bets collapsed, they were liquidated. In contrast, short position liquidations were limited to $199 million, indicating that selling was one-sided.
The chain reaction of liquidations began early Thursday when Bitcoin fell below the psychological support level of $70,000. Analysts have pointed out that there exists a cluster of liquidations that could amplify downward movements in the $65,000 to $70,000 range.
Ethereum's decline has mirrored that of Bitcoin. Altcoins were broadly sold off, falling by 4.59%. The second-largest cryptocurrency, Ethereum, traded below $1,870 at one point before finding slight stability above that level.
Why is it important?
This liquidation event is considered one of the most severe since the FTX collapse in November 2022, with over 172,000 traders having their positions forcibly liquidated as margin requirements fell below the threshold.
Bitcoin is down approximately 48% from its peak of over $126,000 in October 2025. This selling pressure has pushed Bitcoin out of the top 10 global assets by market capitalization.
Market sentiment has deteriorated sharply, and the Crypto Fear and Greed Index has fallen to 15, indicating extreme fear.
In the U.S. spot Bitcoin ETF, $817 million was withdrawn in a single day, indicating weakened institutional demand.