Social media erupted with one comment: "This is absolutely INSANE." Bitcoin tumbled to around $77,000 on Saturday and held there, shattering the $80,000 floor and hitting levels not seen since the "tariff tantrums" of April 2025.
$2.5B in Leveraged Longs Wiped in 24 Hours
In a weekend of thin liquidity, the largest digital asset lost about $800 billion in market value from its October peak above $126,000. Over $2.5 billion in leveraged long positions were liquidated. The selloff pushed bitcoin out of the global top 10 assets, trailing Tesla and Saudi Aramco.
Geopolitical Shock Triggers "Flight to Safety"
The immediate spark was a potential sharp military escalation between the U.S. and Iran. Instead of acting as a safe haven, bitcoin became a liquidity source. Investors sold the 24/7 asset to cover losses and move into the U.S. dollar. Panic spread across social media, with "blood on the street" visible everywhere.
Compounding the pain, market liquidity has never fully recovered since the Oct. 10 crash (partly blamed on Binance), making weekend moves even more fragile. The selloff wasn't limited to crypto — tech stocks and precious metals also suffered a rough week.