Crypto markets suffered another major wipeout on Friday as nearly $2 billion in leveraged positions were liquidated, sending Bitcoin down to roughly $82,000. The sell-off dragged total market capitalization to about $2.9 trillion, slipping below the $3 trillion level for the first time since spring.
CoinGlass reported more than 396,000 traders liquidated, including a $36.78 million BTC position on Hyperliquid. Still, the real figure is likely higher since exchanges like Binance and OKX don’t publish full real-time data.
The downturn follows a string of sharp drawdowns this month, driven by weakening sentiment and accelerating ETF outflows. Bitcoin ETFs recorded $903 million in net outflows on Thursday alone, fueling additional pressure. BTC is now more than 30% below its October peak and heading for its worst month since 2022.
Bitcoin has entered a full capitulation zone, with the Fear & Greed Index falling to 11. And unless BTC reclaims the $88,000 to $90,000 range, it could slide further toward $78,000 to $82,000.
Institutions are watching their own cost bases. Bitwise’s Andre Dragosch pointed to a “max-pain” zone between $84,000 and $73,000, aligning with BlackRock’s IBIT and MicroStrategy’s averages. BTC traded near $82,500 as major altcoins also posted steep losses.
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