The crypto market sold off hard over the weekend, with Bitcoin falling to around $75,000, its lowest level since 2024, while Ethereum dropped below $2,200 after losing about 10% in 24 hours. Solana slipped under $100, and BNB and XRP posted declines of roughly 5% to 7%. Market sentiment weakened sharply. The Fear and Greed Index was reported at 15, and total crypto market capitalization fell 4.37% to $2.55 trillion.
ETF outflows added to pressure across major tokens
The source says exchange-traded crypto products were also under stress. As of January 31, daily ETF flows for Bitcoin, Ethereum, and Solana stood at -$509.70 million, -$252.87 million, and -$11.24 million. With large-cap tokens falling at the same time, the move ranked among the steepest pullbacks since the 2025 crash and revived debate over whether this was the first true break of 2026 or another aftershock from the previous cycle’s decline.
Dollar liquidity stress and macro correlation hit risk assets
The article does not tie the decline to one event. It describes the move as the result of pressure building across several fronts. A central factor was tighter U.S. dollar liquidity in global markets. When dollars become harder to access, investors often cut exposure to risk assets first, including crypto, equities, and tech shares. U.S. bond yields stayed elevated during the weekend, which reduced appetite for speculative trades.
Crypto was also moving closely with traditional markets. The source puts the correlation with the S&P 500 at 67%, suggesting that digital assets were trading as part of a broader macro risk complex rather than as an isolated sector. Once prices started to break lower, that setup left leveraged positions exposed.
Liquidations accelerated the drop as rumors spread online
According to Coinglass data cited in the source, more than $760 million in leveraged long positions were liquidated as the sell-off intensified. Bitcoin alone accounted for $255 million in forced wipeouts. That liquidation cycle added mechanical selling into a falling market, pushing prices lower and triggering more liquidations in turn.
Sentiment was also shaken by several claims circulating on social media. A rumor briefly suggested Binance was buying $1 billion worth of Bitcoin, lifting market mood for a short time, but on-chain data was later described as showing close to $1 billion in BTC selling instead of buying. Other widely discussed claims linked Anthony Pompliano to geopolitical rumors, resurfaced old Jeffrey Epstein files mentioning Michael Saylor in a non-criminal context, and brought fresh accusations against TRX founder Justin Sun from a former associate. The source notes that most of these claims were unverified, yet they still added to fear and confusion.
Whales were buying into the decline
Even with prices under pressure, the source points to dip-buying from larger holders. On-chain data reportedly showed whales accumulating more than 50,000 BTC during the downturn, while some institutions were said to be expanding positions as prices fell.
Based on the material provided, the latest slide looks tied to macro liquidity stress, leverage unwinding, and social-driven fear, rather than a confirmed systemic breakdown. The source stops short of declaring it a full 2026 crash.