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Increased uncertainty and risk aversion in global markets have severely impacted the cryptocurrency market.
Bitcoin and other major cryptocurrencies experienced sharp declines following turmoil in the US stock market and the Japanese bond market. Bitcoin fell 4.2% in the last 24 hours, dropping to $87,900. This decline, coming after reaching levels of $92,500 earlier in the day, has unnerved investors. Ethereum also fell 7.3%, dropping to $2,953.
This decline in cryptocurrencies mirrored the sharp sell-off in US stock markets. The S&P 500 and Nasdaq indices closed the day down more than 2%, while the Dow Jones index fell by 1.76%.
This performance marked the worst session since October for the three major US indices. Crypto-related stocks also came under pressure. Coinbase shares fell 5.6%, Circle dropped 7.5%, while Strategy, the largest institutional Bitcoin holder, fell 7.8%. BitMine Immersion, known for its Ethereum treasury, also stood out with a 9.4% loss.
Experts say the sell-off is driven by the unwinding of leveraged positions and macroeconomic pressures. Vincent Liu, CIO of Kronos Research, stated that the decline was triggered by “a risk-aversion atmosphere and chain liquidations resulting from leverage cleanup.” It was revealed that approximately $1.07 billion worth of positions were liquidated in the crypto market in the last 24 hours, with $999 million of that being long positions.
According to analysts, US-EU trade tensions, weakness in the Japanese bond market, and decreased demand from pension funds for US bonds are putting pressure on global risky assets. Peter Chung of Presto Research summarized the sell-off with the theme “Sell America,” emphasizing that the center of the panic is Japan, not the US. Sharp sell-offs in Japanese government bonds pushed 10-year yields to their fastest rise in recent years, while 30-year yields experienced their biggest daily jump since 2003.
In the upcoming period, all eyes are on the early elections in Japan. Chung stated that the results could either create a new crisis or force the Bank of Japan to resume monetary expansion.
Bitrue research director Andri Fauzan Adziima warned that the $87,000–$88,000 range is a critical support level for Bitcoin, and a break below this level could lead to a new decline towards $85,000. Investors continue to closely monitor Fed signals, leverage in derivatives markets, and institutional fund flows.
*This is not investment advice.