The cryptocurrency market endured one of its most turbulent weeks of 2025, with total market capitalization plunging from $4.12 trillion to $3.88 trillion, erasing $240 billion in value. Bitcoin (BTC) and Ethereum (ETH) led the downturn, while leveraged traders faced a bloodbath as over $6 billion in futures positions were forcibly liquidated.
Bitcoin Leads the Downtrend
According to Bitcoin.com News, BTC dropped from approximately $115,700 on September 20 to $109,500 by September 27, marking a weekly loss of 5.5%. This made Bitcoin one of the worst-performing major cryptocurrencies during the period. Ethereum (ETH) suffered an even steeper decline: it started the week above $4,400 but fell 11% to close at $3,992, its first time below $4,000 since August 8. Despite news that Bitmine Immersion had acquired additional ETH—typically a bullish signal—the bearish sentiment was too strong, pushing ETH to an intraday low of $3,846 on September 25, its weakest level in weeks.
XRP, which hit an all-time high of $3.66 in July, continued to struggle for momentum. It ended the week down nearly 7%, trading just below $2.79. While some analysts and technical indicators had suggested a potential rebound that could push XRP past its previous highs, the recent price action told a more cautious story. XRP's decline also helped stablecoin USDT solidify its position as the third-largest cryptocurrency by market capitalization.
Altcoin Losses and a Few Outperformers
BNB reached an all-time high of $1,079 on September 21 but then retreated in line with the broader market, falling 5.3% to close at $968. Several major altcoins suffered double-digit losses: SOL dropped 16%, DOGE fell 14%, ADA declined 12.8%, and HYPE plummeted 18.1%. However, a handful of altcoins bucked the trend, with ASTER surging 59.4% and MYX gaining 32.4%, providing rare bright spots in an otherwise red week.
Leveraged Traders Hit by Historic Liquidations
For leveraged traders, the week was a nightmare. On September 22 alone, approximately $1.7 billion in long and short positions were liquidated—the largest single-day liquidation event of 2025. Three days later, another $1 billion in contracts were wiped out. According to Coinglass data, cumulative liquidations over the entire week exceeded $6 billion, with the majority of losses coming from long contracts. This wave of forced selling further amplified market panic, creating a negative feedback loop of falling prices and cascading liquidations.