Crypto prices came under pressure again in the latest trading session, with total market capitalization falling 3.24% to $2.57 trillion. Nearly $50 billion was erased in a matter of hours. Selling picked up after the U.S. market opened, when Bitcoin suddenly dropped by about $1,700 and dragged the broader market lower.
More than $55 million in longs wiped out in two hours
The move quickly spilled into derivatives. Data cited in the source shows that over $55 million in long positions were liquidated in just two hours, forcing bullish traders out and adding fresh downward pressure. The decline came even as news tied to a possible U.S. government shutdown was seen as positive, a sign that market confidence remains fragile.
Bitcoin and Ethereum lead losses across major tokens
Large-cap cryptocurrencies took the brunt of the selloff. Bitcoin fell more than 4% over 24 hours to trade near $75,700, while Ethereum dropped more than 6% to around $2,220. XRP, Solana, and Cardano also moved lower. Sentiment has not improved: the Crypto Fear & Greed Index stayed at 17, deep in extreme fear territory.
ETF outflows and thin liquidity keep pressure on the market
A major source of weakness has been continued selling from institutional products. Over the past two weeks, U.S. spot Bitcoin ETFs recorded about $2.8 billion in outflows. That steady withdrawal reduced buying support and weighed on confidence. At the same time, oversold conditions and relatively low liquidity left the market exposed to abrupt price swings.
Safe-haven demand rises as gold and silver climb
Traditional defensive assets moved in the opposite direction. Gold has gained 11% from its recent low, adding more than $3 trillion in value, while silver has risen nearly 20%, adding around $800 billion. According to the source material, close to $4 trillion moved back into precious metals in roughly 30 hours, pointing to a shift toward safety.
Fed meeting now in focus, with lower Bitcoin levels still on the table
The next event traders are watching is the upcoming U.S. Federal Reserve meeting, which could shape the tone across global markets. Some research firms cited in the source warned that if selling pressure persists and no fresh catalyst appears, Bitcoin could fall further and may even reach $58,000, bringing long-term support levels back into focus.