Bitcoin extended its sharp decline on Thursday, falling to $67,000 and breaking below its 2021 all-time high of $69,000. The drop erased nearly all gains since the bear market bottom in November 2022.
Ethereum fell below $2,000, Solana dropped to $84, and XRP sank to $1.29. The total crypto market cap fell over 7% in the past 24 hours, now sitting near $2.3 trillion.
Heavy leverage compounded the selloff, with $480 million in liquidations in the past hour and more than $1.4 billion over the past 24 hours, according to Coinglass data.
Spot Bitcoin ETFs also saw mounting pressure. Over $800 million in net outflows hit BTC ETFs over the past two days, while ETH ETFs recorded $68 million in outflows this week, according to SoSoValue data.
Strategy, the largest corporate Bitcoin holder with over 713,000 BTC, is now facing a paper loss exceeding $6.7 billion. Shares fell another 13% on Thursday, trading near $112 and approaching levels last seen in August 2024. The company is scheduled to report earnings later today.
BitMine, the largest corporate Ethereum holder, is sitting on a nearly $8 billion unrealized loss on its ETH holdings.
The risk-off move extends beyond crypto. The S&P 500 fell 1.2% and the Nasdaq dropped 1.8%. Precious metals also declined, with silver down 15% and gold down 5% in an unusually steep overnight move.
The week’s losses mark one of the sharpest cross-asset resets since late 2022.
