Bitcoin (BTC) plunged about 4% on Thursday, sliding into the low-$80,000s—its lowest level in a month—before attempting a rebound, while Ethereum (ETH), XRP (XRP), and Solana (SOL) posted steeper losses than Bitcoin.
Key points
Bitcoin hit a low near $80,300 after falling about 4% on Thursday, then recovered to around $82,000 early Friday.
As Ethereum and XRP plunged about 6% each and Solana fell about 9%, total liquidations topped $1.1 billion.
Oil prices above $105 per barrel and U.S. Treasury yields surging to their highest level in 24 years added to the pressure, just two days before the first anniversary of the flash crash.
Bitcoin selling intensifies
Bitcoin’s initially modest decline accelerated during U.S. trading hours, bringing its loss to 8% from a recent high of about $87,000. Over 24 hours, Ethereum and XRP each fell about 6%, with Ethereum slipping to around $2,400, while Solana posted the steepest drop of the four, falling more than 9%. Bitcoin’s sell-off initially stalled at around $80,300, before rebounding to about $82,000 early Friday.
According to **CoinGlass**, which tracks on-chain and derivatives data, liquidations across the market totaled $974 million in the 24 hours through noon New York time. Ethereum accounted for $311 million of that total and Bitcoin for $238 million. The tally later topped $1.1 billion, with about $1.05 billion coming from long positions, meaning investors betting on a rally bore the bulk of the losses.
Also read: Crypto ETFs regain momentum after $50 billion in inflows, JPMorgan analysis finds
FxPro’s Bitcoin warning becomes reality
The latest downturn is following the warning scenario laid out by global broker FxPro on Tuesday, when Bitcoin was still trading near $86,600. FxPro said that if $83,000 gave way, selling pressure would take hold and Bitcoin could quickly slide to the $80,000 level. That support eventually broke before the New York market opened on Thursday.
Oil prices provided both pressure and relief. Brent crude briefly topped $105 per barrel amid fears of war with Iran, darkening the outlook for energy supplies. But prices steadied after U.S. President Donald Trump said he would not attack Iran before the November 3 midterm elections.
Borrowing costs are also weighing on risk assets. This week, the yield on 10-year U.S. Treasuries rose above 5.3%, its highest level in 24 years. Minutes from Wednesday’s FOMC meeting showed that most Fed officials judged another interest rate hike before year-end to be “likely appropriate.” The longer rates stay high, the more attractive interest-bearing assets become, intensifying the relative headwind for highly speculative assets such as Bitcoin.
Institutional investors taking a longer-term view have a different outlook. A survey released Tuesday by **State Street** found that about 51% of respondents expect digital assets to become “a fully mainstream asset class” within the next five years. That is a sharp increase from 2024, when 11% answered “yes” to the same question. The survey covered 300 institutions, including asset managers, pension funds and institutional investors, and wealth managers. Digital assets currently make up an average of 11% of their portfolios, and most respondents expect that share to grow.
Bitcoin ahead of the first anniversary of the flash crash
The sell-off came two days before the first anniversary of the “flash crash” on October 10, 2025, when Bitcoin plunged from around $122,000 to $105,000 in just a few minutes. It happened on a quiet Friday evening in the U.S. market, after Bitcoin had set a record high above $126,000 in the days before. Bitcoin is still trading about 35% below that peak.
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