The crypto market faced one of its roughest days in weeks, with more than $1.23 billion wiped out from trader positions in just 24 hours. The sudden selloff caused panic across exchanges, erasing nearly $270 billion in total market value and dragging down almost every major cryptocurrency.
Mass liquidations shake the market
More than 305,000 traders got caught up in the market drop, as per Coinglass data. Out of the total losses, $918 million came from long positions, so those betting on prices going up got hit the hardest, while $310 million came from short positions.
The single largest hit was an Ethereum trade on Hyperliquid worth $20.4 million. Overall, Bitcoin faced $431 million in liquidations, followed by Ethereum with $267 million, Solana at $89 million, and XRP at $27 million.
These big forced sales created a chain reaction, sending prices lower and forcing exchanges to automatically close thousands of highly leveraged positions.
Bitcoin drops below $104K amid trad
Bitcoin (BTC), the world’s biggest cryptocurrency, fell 6.6% in a day, sliding below $104,000 for the first time in two weeks. It’s now down for the 14th straight day, with the overall market declining more than 7% over the same period.
Its market capitalization has dropped to $2.08 trillion, while daily trading volume rose 45%, showing that traders rushed to cut losses as volatility spiked.
What triggered the fall
Several factors seem to have come together:
- Rising U.S.–China trade tensions: On October 16, Donald Trump threatened 100% tariffs on Chinese goods. The move rattled global markets and pushed investors toward safer assets like gold, which rose 1.1%.
- ETF Outflows: Bitcoin exchange-traded funds saw $536 million withdrawn, marking the largest single-day outflow since August.
- Wider Selling Pressure: When Bitcoin fell below a key support level, selling picked up as traders rushed to exit, worried about further losses.
Even with the drop, some long-term investors think this could be a chance to buy if global conditions settle down.
Ethereum price sinks nearly 9%
Ethereum (ETH) fell 8.9%, trading around $3,689. Its market value dropped to $448 billion, while trading activity rose 35%, showing that many investors are stepping back amid the slump.
Ethereum-focused funds saw $80 million in outflows this week, including $56 million withdrawn on October 16 alone. Data also showed some large wallets moving ETH to exchanges — a sign of potential selling from big holders.
Analysts say Ethereum may stabilize between $3,600 and $3,700, the same range that cushioned it during previous pullbacks.
Altcoins follow the fall
The market drop hit almost every major coin. BNB fell 12.7% to $1,042, XRP slipped 9.5% to $2.22, and Solana (SOL) plunged 10.5% to $176.93.
Whale activity spiked across exchanges, especially with XRP, where billions worth of tokens were reportedly moved to trading platforms. Solana saw more than $89 million in liquidations, though a few institutional players were seen quietly buying at lower levels.
Cardano price slides 12% as panic builds
Cardano (ADA) went down 11.8% and is now around $0.60. Its market cap is $21.6 billion. Trading went up 51% because a lot of people were selling quickly.
The whole crypto market lost about $150 billion in one day. This happened because of worries about world politics, money being pulled out of ETFs, and traders selling to either take profits or stop bigger losses.
What lies ahead
The broader market has now fallen 7.3% in 24 hours and nearly 15% this week. The Crypto Fear & Greed Index sits at 28 (Fear) — reflecting cautious sentiment across traders.
Some analysts say drops like this happen in crypto from time to time. The market has recovered from bigger losses before, and a calm period might help prices settle. For now, investors are mostly waiting and watching how world events and money movements play out.
Also Read: Bitcoin, Ethereum, XRP Has No CEO: Ripple CLO Explains
