The bears are back in town.
Nearly a billion worth of long positions have been destroyed in the past 24 hours as positive macro developments have failed to drive a price increase for risky assets like crypto.
On the contrary, Bitcoin and most altcoins have headed south again in the past hour, hitting numerous weekly lows.
The promises of an Uptober have crashed and burned in 2025 as the market has failed to post any substantial gains since its early surge to a new all-time high. The above chart of Bitcoin shows that the asset has been in freefall since its peak on October 6.
Even if we exclude the flash crash four days later, BTC is still down nearly $20,000 in just over three weeks. The assets were rejected twice in the past four days for $116,000, with bulls pinning all their hopes on yesterday’s Fed rate cut and today’s meeting between Presidents Donald Trump and Xi Jinping. Both events led to what investors expected and hoped for: a reduction in interest rates and lower rates for China.
Yet the cryptocurrency market failed to capitalize. On the contrary, Bitcoin fell from over $112,000 yesterday to $107,500 minutes ago, setting a new weekly low.
The market leader’s plunge dragged the altcoins with it, with ETH falling 5% to below $3,800 and XRP down more than 6% to $2.45. Even more painful declines come from companies like HASH (-22%), ASTER (-13%), KAS (-11%), PI (-10.5%), WLFI (-10%) and many others.
Such big moves in either direction tend to hurt over-indebted traders, and the correction in the past 24 hours is no different. More than 210,000 such market participants have gone bankrupt every day, while the total value of liquidated positions has skyrocketed to more than $1.1 billion. Of course, almost the entire amount came from longs ($974 million).
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