Bitcoin briefly fell below $99,000 before rebounding above $101,000, while Ethereum dropped over 10 percent to nearly $3,000. Most major cryptocurrencies fell 2-10 percent over the past 24 hours, although a few tokens saw gains. Notably, a new Sui-based token, MMT, surged almost 1,900 percent since its launch despite the market selloff.
Since October 6, the crypto market has lost more than $1 trillion amid sharp declines. According to Coinglass data, $1.73 billion in crypto positions were liquidated during this period. This included $1.32 billion in long positions and $406 million in short positions. Bitcoin long liquidations alone totaled $444 million, while Ethereum accounted for $486 million, totaling $930 million withdrawn.
Globally, more than 436,000 traders were wiped out. The largest single liquidation occurred on Hyperliquid, where $26 million in ETH-USD positions were closed. Analysts note that traditional four-year crypto cycles no longer fully explain market movements. Despite easy global liquidity, most new investments are moving toward equities and AI sectors rather than crypto.
Stablecoin supply continues to grow, but experts warn that a lasting recovery in the crypto market will require renewed inflows into spot ETFs and Digital Asset Trust (DAT) products. They emphasize that another halving-driven rally alone may not trigger sustained growth.
The recent market downturn highlights the volatility of Bitcoin and other digital assets. Investors are advised to remain cautious and monitor market trends closely. While some tokens like MMT have gained significantly, the majority of cryptocurrencies continue to face downward pressure.
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With Bitcoin showing signs of recovery above $101,000, analysts suggest that the coming weeks will be critical in determining whether the crypto market can stabilize and regain investor confidence.
