Major cryptocurrency assets, including Bitcoin, Ethereum, and XRP, extended their recent downward trajectory on Saturday, resulting in over $2.53 billion in leveraged position liquidations within a 24-hour period, according to data reported by CoinGlass.
Bitcoin's valuation fell approximately eight percent over the last day, settling near $77,195, a level not seen in nine months, according to CoinGecko data cited by Decrypt. This drop marks a nearly 39% reduction from its October peak above $126,000, signaling a pronounced shift in market sentiment.
Ethereum sustained heavier losses, declining thirteen percent to trade near $2,362, representing a 52% decrease from its August high near $5,000. The bulk of the liquidations, totaling $2.41 billion, were long positions—trades betting on price appreciation—with Ethereum accounting for $1.14 billion of the total carnage.
This market distress follows a week characterized by heightened macroeconomic uncertainty, including the commencement of a partial United States government shutdown and growing anxiety regarding the sustainability of recent artificial intelligence investment bubbles. Risk-off behavior was evident as nearly $1.5 billion exited U.S. spot Bitcoin ETFs over the prior seven days.
Market positioning among some traders has reportedly turned bearish, with prediction markets showing increased probability that Bitcoin will test the $69,000 level before achieving a rebound to $100,000. This reflects a growing apprehension among participants regarding near-term price discovery.
In contrast to digital assets, traditional safe-haven assets like gold and silver briefly surged to new highs this past week, although both metals experienced sharp pullbacks during Friday's U.S. trading session. The concurrent movement suggests a flight from speculative risk across global asset classes.
The broad market capitalization for crypto contracted by seven-point-five percent in the last 24 hours, confirming widespread devaluation across most major altcoins, including XRP and Solana, which posted double-digit percentage losses.
