Bitcoin losses piled up, with more than 172,000 traders liquidated in a single day, and Bitcoin fell out of the world’s top 10 largest assets by market capitalization. Bitcoin currently ranks 13th in the world, behind gold, NVIDIA, Apple, Microsoft, and silver.
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Longs will bear the brunt.
Total cryptocurrency liquidations reached $921 million within 24 hours, with Bitcoin alone accounting for $352 million. Ethereum followed with $241 million, followed by XRP, ZEC, HYPE, SUI, DOGE, and NEAR with the remaining losses.
Long positions accounted for more than 90% of all liquidations, indicating that traders were betting on a price recovery that would never come, resulting in forced selling rather than new bearish bets.
The liquidation amount in 4 hours reached $95 million, with longs worth $55 million and shorts worth $39 million. Across exchanges, Hyperliquid and Bybit had a high concentration of long liquidations, OKX trended toward short liquidations, and Binance recorded comparable long and short positions.
At the time of writing, Bitcoin was trading at around $73,125, down 1.70% in 24 hours and 5% over the past week. The intraday range was from $72,485 to a high of $75,280.
Broader market slide
The broader cryptocurrency market also moved in the same direction. According to data from Coingecko, Ethereum is down 5.60% this week, BNB is down 2.50%, and XRP is down 3.15%. Tether fell just 0.005%.
Meanwhile, gold maintained its top spot globally with a market capitalization of over $31 trillion, based on CompaniesMarketCap data. NVIDIA, Google, Apple, and Microsoft followed.
In recent months, NVIDIA and Broadcom have continued to perform well due to AI-driven demand, while gold and silver have attracted buyers looking for stability.
Bitcoin’s market capitalization has reached about $1.47 trillion, a significant amount by most standards, but no longer enough to rank in the top 10 alongside the world’s largest companies and products.
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A bearish signal across the board
Technical indicators paint a bleak picture. According to TradingView data, on the 1-day chart, the 10-200 period moving averages are all showing negative momentum. Oscillator groups are mixed. The RSI is at 3 6, which is considered neutral, but the other two oscillators are flashing sell signals.
Whether Bitcoin can return to the top 10 will largely depend on price trends in the coming weeks. According to the report, a sustained rally above $75,000 could help restore confidence in the market, while a break below key support levels could extend the current decline.
Featured images are from Bitpanda Blog, charts are from TradingView
