The crypto market suffered a steep pullback this week, with total capitalization falling from $4.12 trillion to $3.88 trillion, wiping out roughly $240 billion. Major digital assets including bitcoin, ethereum, and XRP all moved lower, while leveraged traders faced intense pressure as weekly liquidations exceeded $6 billion.
Bitcoin Leads the Broad Selloff
Between Sept. 20 and Sept. 27 at around 1:30 p.m. EST, bitcoin dropped from approximately $115,700 to $109,500, marking a weekly decline of about 5.5%. As the largest cryptocurrency by market value, BTC’s weakness helped set the tone for a broader risk-off move across the sector.
Ethereum also posted a sharper decline. After starting the week above $4,400, ETH ended near $3,992, down roughly 11% over the period. The move pushed ethereum below $4,000 for the first time since Aug. 8. Even reports of additional ETH purchases by Bitmine Immersion, which would normally be viewed as supportive, failed to offset the market’s bearish momentum. On Sept. 25, ETH fell to an intraday low of $3,846, its weakest level in weeks.
XRP also remained under pressure. After reaching an all-time high of $3.66 in July, the token has struggled to recover upside momentum. It finished the week just under $2.79, down nearly 7%. That decline also helped stablecoin USDT further cement its position as the third-largest digital asset by market capitalization.
Altcoins Post Deeper Losses, With a Few Exceptions
Outside the top majors, losses were even more severe in several altcoins. BNB, which touched an all-time high of $1,079 on Sept. 21, fell 5.3% over the week to close near $968. Other notable losers included SOL at -16%, DOGE at -14%, ADA at -12.8%, and HYPE at -18.1%.
Not every token moved lower, however. ASTER and MYX stood out as rare gainers, advancing 59.4% and 32.4%, respectively. Their performance suggests that even during a broad market decline, isolated pockets of speculative interest can still emerge, though not enough to reverse the wider downtrend.
Liquidation Wave Intensifies the Downturn
The week was especially harsh for leveraged traders. According to the report, roughly $1.7 billion in long and short positions were liquidated on Sept. 22 alone, making it the largest single-day liquidation event of 2025. Three days later, another $1 billion in contracts was wiped out.
Data from Coinglass shows that total liquidations for the week climbed above $6 billion, with long positions accounting for most of the damage. As prices fell, forced unwinding in leveraged longs added to volatility and reinforced bearish sentiment across the market.
Overall, the week’s correction was reflected not only in the drop in total market value but also in synchronized weakness across majors and altcoins, alongside a major flush in leveraged positions. In the near term, market sentiment is likely to hinge on whether leading assets can stabilize around key price levels.