Bitcoin has dropped out of the top 10 global assets by market capitalization, now ranking 13th behind gold, NVIDIA, Apple, Microsoft, and silver. The decline follows a brutal 24 hours in which total crypto liquidations reached $921 million, with Bitcoin alone accounting for $352 million of that figure. Ethereum followed at $241 million, while altcoins including XRP, ZEC, HYPE, SUI, DOGE, and NEAR absorbed the remaining losses.
More than 172,000 traders were liquidated in the single-day rout, with long positions representing over 90% of all liquidations. That imbalance signals that traders had bet heavily on a price recovery that never materialized, resulting in forced selling rather than fresh bearish bets. Four-hour liquidation data showed $95 million wiped out, with longs at $55 million and shorts at $39 million. Across exchanges, Hyperliquid and Bybit saw heavy long liquidations, while OKX leaned toward short liquidations and Binance recorded an equal split.
Bitcoin was trading around $73,125 at the time of writing, down 1.70% in 24 hours and 5% over the past week. Its intraday range spanned from $72,485 to a high of $75,280. Greater bearish pressure across the broader crypto market suggests ongoing risk aversion, with traders unwinding positions in a cascading fashion. The speed and scale of the liquidation event underscore the fragility of leveraged bets in the current environment.
The counter argument: Some analysts view the flush of long positions as a necessary reset that could clear the path for a healthier recovery. Historically, sharp liquidation-driven price drops have been followed by stabilization once speculative excess is wrung out of the system. The question is whether Bitcoin can reclaim its position among top global assets as institutional and retail sentiment finds its footing.