Global financial markets suffered heavy losses over the past 24 hours, with cryptocurrencies leading a sharp sell-off that erased trillions of dollars in market value across asset classes. The total crypto market fell about 7%, shedding roughly $184 billion in a single day as selling pressure accelerated and confidence weakened.
Crypto rout deepens: Bitcoin near $70K, Ethereum plunges
Bitcoin dropped nearly 8%, losing around $120 billion in market value, and slipped below $70,000 at the time of writing. Ethereum tumbled more than 30% from its recent highs. Over the past eight days, Bitcoin has fallen roughly $20,000, while Ethereum lost close to $1,000. Forced liquidations intensified the move: more than $830 million in positions were liquidated in the last 24 hours alone, while total liquidations over the past week exceeded $6.7 billion. Analysts said the decline reflects aggressive deleveraging as traders unwind risky positions.
Selling spreads beyond crypto: gold, silver, stocks hit
The sell-off was not limited to digital assets. Gold fell about 5.5%, wiping out nearly $1.9 trillion in market value. Silver dropped roughly 19%, erasing close to $1 trillion. The S&P 500 declined nearly 1%, while the Nasdaq fell about 2.5%. Smaller stocks also weakened. In total, close to $5 trillion was erased across global markets in a short period, despite the absence of any single major negative headline.
Institutional flows remain weak, ETF outflows persist
Investor demand showed further signs of strain. Bitcoin exchange-traded funds recorded significant outflows in January, reinforcing signs of sustained institutional selling. Indicators tracking U.S. investor demand showed persistent weakness, limited buying support during the downturn.
Sentiment hits extreme fear, on-chain momentum fades
Market sentiment has deteriorated sharply. The crypto Fear and Greed Index has logged one of its longest stretches of “extreme fear” in recent months. On-chain data shows momentum indicators falling to their weakest levels, signaling little near-term bullish conviction.
No clear bottom in sight, analysts warn of prolonged reset
Some analysts said Bitcoin is approaching price zones where buyers may begin searching for a bottom, but warned that past cycles show such phases can last months rather than days. “This is no longer a routine pullback,” one analyst said. “It’s a broad reset driven by forced selling, broken confidence and declining risk appetite.”