The crypto market crash on Thursday witnessed the global crypto market cap plunging over 4% to $3.65 trillion. Bitcoin price crashed below $108K and Ethereum price fell under $3,700 again.
$180 billion was erased from the crypto market. Coinglass data revealed over $1.2 billion wiped out from leading crypto assets.
Top altcoins such as BNB, XRP, Solana (SOL), Cardano (ADA), and TRON also saw massive profit booking. Meme coins Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE tumbled more than 6%.
Crypto Market Crash Turning Big as $1.2 Billion Gets Liquidated
CoinGlass data indicated over $1.2 billion in crypto liquidations, with almost 214K traders liquidated in the last 24 hours.
The largest single liquidation order of BTCUSD, valued at $21.42 million, happened on Hyperliquid. This signaled that leverage-driven liquidations caused the crypto market crash again.
Nearly $980 million in long positions and over $160 million in short positions were liquidated. Notably, over $150 million were liquidated in an hour.
BTC, ETH, SOL, TRUMP, XRP, PUMP, ENA, DOGE, HYPE, and SUI were the most liquidated in the past 24 hours.
Institutions Selling Spot Bitcoin and Ethereum ETFs
Institutional investors are selling holdings in spot Bitcoin and Ethereum ETFs in the United States.
Spot Bitcoin ETFs in the United States recorded a total net outflow of $471 million, according to SoSoValue data. Notably, no inflows were recorded across all 12 Bitcoin ETFs.
BlackRock’s IBIT saw $88.1 million in outflow, with Fidelity’s BTC recording the highest outflow of $164.4 million.
Meanwhile, spot Ethereum ETFs saw total net outflows of $81.44 million, with BlackRock’s ETHA being the only fund to register net inflows.
Glassnode data revealed renewed sell pressure from TradFi investors and fading institutional demand.
Today, spot Bitcoin ETFs saw more than $1 billion in trading volume within the first 30 minutes.
Moreover, the 24-hour average Coinbase premium index turned negative. This indicates that the US buyers aren’t bidding and spot Bitcoin ETF demand is waning.
Crypto Market: Monthly Options Expiry
The crypto market is bracing for major volatility as more than $17 billion in crypto options are set to expire on Friday.
The upcoming monthly options expiry on October 30 also became a contributing factor for the BTC price crash today.
Over 72,716 BTC call option contracts and 54,945 BTC put option contracts, worth a total of $14.4 billion, will expire on Friday.
On the other hand, $2.6 billion in ETH options are set to expire the same day.
Despite President Donald Trump announcing a trade deal with China and lowering tariffs on various trades, the crypto market saw a major crash.
Experts highlighted that disappointing results from major tech companies, hawkish comments from Fed Chair Jerome Powell, and the prolonged government shutdown have weighed upon markets.
The US dollar index (DXY) has increased to 99.66 after news reports suggested a strong labor market. Moreover, the US 10-year Treasury yield also rose slightly to 4.087%.
Bitcoin and Ethereum prices remain under pressure, indicating that traders have turned cautious.
Crypto analyst Ali Martinez highlighted that Bitcoin tends to cycle between high and low risk periods.
The Sharpe Ratio indicates that a shift toward low risk now looks imminent after reaching high-risk territory.