Bitcoin briefly fell under the $99,000 mark before rebounding above $101,000, while Ethereum plunged over 10 percent to nearly $3,000 before recovering toward $3,200.
Most major coins declined 2-10 percent over the past 24 hours, though a few defied the downturn. A newly launched Sui-based token, MMT, soared almost 1,900 percent since its debut despite this week’s selloff.
Since October 6, the crypto market has lost more than $1 trillion amid major crashes.
Data from Coinglass shows $1.73 billion in crypto positions were liquidated during the selloff, including $1.32 billion in longs and $406 million in shorts. Bitcoin’s long liquidations totaled $444 million, and Ethereum accounted for $486 million ($930 million withdrawn).
More than 436,000 traders were wiped out globally, with the largest single liquidation of a $26 million ETH-USD occurring on Hyperliquid.
Analysts say the traditional four-year crypto cycle no longer explains trends. Despite easier global liquidity, most new investment is flowing into equities and AI sectors rather than crypto.
Stablecoin supply continues to expand, but analysts believe a sustained recovery for the crypto market will depend on renewed inflows into spot ETFs and Digital Asset Trust (DAT) products and not on another halving-driven rally.
