- Cryptocurrency prices continued to fall as the market saw increased volatility and reduced ETF inflows.
- Long-term holders have sold off about 300,000 Bitcoin since July, signaling profit-taking and limiting upside momentum.
- Bitcoin, Ethereum, and major altcoins all registered declines over the past 24 hours.
- A major selloff followed renewed tariff tensions between the United States and China.
- Over $19 billion in liquidations occurred during one day, affecting more than 1.6 million traders, with over $500 million liquidated in the past 24 hours alone.
Bitcoin (BTC), Ethereum (ETH), and other leading cryptocurrencies fell in early Thursday trading, as the market faced a contraction linked to weakening ETF inflows and increased price swings. According to recent data, Bitcoin’s price dropped 0.7% over the last 24 hours, while Ethereum fell 1.6%. The overall cryptocurrency market declined by about 1% to reach $3.88 trillion.
Recent figures from CoinGecko and CoinGlass reported over $500 million in liquidations in the past day. Solana (SOL) saw the steepest drop among top cryptocurrencies, losing 3.5% during the same period. XRP fell 1.8%.
On-chain analytics firm Glassnode stated that long-term cryptocurrency holders are continuing to sell, which is impacting upward price movement. The company’s report highlighted that supply held by long-term Bitcoin investors declined by roughly 300,000 coins since July. The report said this trend, where seasoned investors distribute coins during price strengths, has historically preceded longer correction periods.
Glassnode explained, “Without a renewed catalyst to lift prices back above $117,100, the market risks deeper contraction toward the lower boundary of this range.” The firm described the current period as a “reset phase,” marked by reduced leverage, more cautious trading sentiment, and recovery that depends on new demand.
The selloff began after renewed tariff tensions between the United States and China triggered panic selling. Bitcoin’s price dropped from above $122,000 to around $101,000 on Bitstamp within hours. Glassnode data showed that more than 1.6 million traders were liquidated in this wave, amounting to over $19 billion in forced sales, marking the biggest daily liquidation on record.
On equities markets, shares of MicroStrategy (MSTR), the largest listed corporate holder of Bitcoin, rose by 1.1% in pre-market trading. Bitmine Immersion Technologies (BMNR) and Coinbase (COIN) also posted gains of over 1.5% and 1.1% respectively.
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