Haciyev Reşit 
The crypto market faced intense selling pressure at the start of the new day. The global cryptocurrency market capitalization dropped by more than 4% within just 24 hours, falling to $2.23 trillion. The decline, led by Bitcoin, resulted in even sharper losses across the altcoin market, while total trading volume increased significantly. Investor sentiment quickly shifted into the “extreme fear” zone, with the Fear & Greed Index falling to level 5 — signaling strengthening panic selling in the market. In particular, liquidations in leveraged positions and uncertainty driven by macroeconomic developments accelerated the selling pressure. According to analysts, the combination of global economic risks, institutional sales, and geopolitical developments highlights four key factors behind today’s crypto crash.
Bitdeer and Large-Scale Sales Weighed on the Market
One of the primary reasons behind the market downturn was Bitcoin mining giant Bitdeer’s decision to sell all of its BTC holdings. The company liquidated hundreds of Bitcoins from its reserves, reducing its total BTC balance to zero. This move was interpreted as a negative signal from the institutional side. When a large mining company sells all of its reserves, it raises concerns about weakening institutional confidence, further intensifying selling pressure. Additionally, Ethereum co-founder Vitalik Buterin’s recent high-volume ETH sales added further strain to the market. Buterin reportedly sold more than 7,000 ETH worth approximately $15.5 million in recent weeks. According to analysts, large-scale sales from major investors and project founders can negatively impact short-term market confidence and increase price volatility.
Trump’s 15% Tariff Plan Reduced Global Risk Appetite
Another major factor contributing to selling pressure was the resurgence of trade tensions in the United States. Donald Trump’s plan to increase global import tariffs from 10% to 15% weakened investor risk appetite not only in traditional markets but also in the crypto space. Rising protectionist policies and concerns about a renewed trade war led investors to shift toward safer assets. As a result, capital outflows from highly volatile and risk-sensitive assets like cryptocurrencies accelerated. The growing uncertainty surrounding the global economic outlook pushed investors to adopt more cautious positions, accelerating the market-wide sell-off. Analysts note that such macro developments are likely to continue influencing crypto prices in the short term.
$466 Million in Liquidations Deepened the Decline
The sharp downturn also triggered a massive wave of liquidations in leveraged markets. Over the past 24 hours, more than 136,000 traders were liquidated, with total liquidations exceeding $466 million. Most liquidations came from long positions, indicating that investors betting on price increases were forced out as the market rapidly declined. As Bitcoin fell below the $66,000 level, selling pressure intensified and triggered cascading liquidations. The automatic closure of leveraged positions created additional selling pressure, further deepening the decline. Analysts warn that such liquidation waves can significantly amplify volatility in already fragile market conditions.
Altcoins Were Hit Harder
While Bitcoin fell approximately 5% to the $64,000 range, losses in the altcoin market were even more pronounced. Weakness in the market’s leading asset prompted investors to reduce risk exposure, accelerating selling pressure in altcoins. Ethereum dropped 5.5% to below $1,870, while Solana declined nearly 8%. Major altcoins such as XRP, Cardano, Chainlink, and Dogecoin recorded losses ranging from 6% to 10%. Since pullbacks in Bitcoin often lead to higher volatility in altcoins, the impact of the sell-off was felt more severely across the broader market. The latest crypto market decline appears to be the result of multiple converging factors — institutional sales, macroeconomic uncertainty, trade tensions, and the liquidation of highly leveraged positions. The extreme fear level in the market suggests that short-term volatility may continue. Investors are expected to closely monitor macro developments, institutional movements, and critical support levels in the coming days.
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