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By Krisztian Sandor|Edited by Stephen Alpher
Updated Sep 25, 2025, 7:10 p.m. Published Sep 25, 2025, 6:39 p.m.
- Bitcoin fell below $109,000, marking its weakest price in nearly a month, while ether dropped 8% to approach $3,800.
- The selloff triggered over $1.1 billion in liquidations across leveraged derivatives trading positions, with ETH longs leading at over $400 million, CoinGlass data shows.
- Crypto equities, including Michael Saylor’s Strategy, saw steep losses, with MSTR dropping as much as 10% to a five-month low.
A rough early session for crypto markets took a turn for the worse in U.S. afternoon hours Thursday, with BTC$109,566.50 tumbling below $109,000, its weakest price in nearly a month.
ETH$3,931.37 plummeted 8% through the past 24 hours rapidly approaching $3,800, erasing gains since early August. It’s now has lost 22% since its record highs last month. SOL$195.77, changing hands above $250 only two weeks ago, plunged below $200, down another 8% today. The CoinDesk 20 Index was down 6%.
STORY CONTINUES BELOW
The sharp move lower across the board triggered a widespread leverage flush on derivatives markets, liquidating over $1.1 billion worth of leveraged trading positions, CoinGlass data shows. Ether led liquidations with over $400 million long positions, or bets on higher prices, being wiped out, followed by bitcoin’s $265 million.
Crypto equities also took a hit. Michael Saylor’s Strategy (MSTR), the largest corporate owner of BTC, sunk as much as 10% during the session to five-month low. The stock, which is often seen as a leveraged bet on bitcoin’s price, gave up all of this year’s gains and is now 1.5% down year-to-date, while BTC is still holding on 16% advance during the same period.
Ether treasury firms Bitmine (BMNR) and Sharplink Gaming (SBET) were down 7%-8%,as were bitcoin miners MARA Holdings. (MARA) and Riot Platforms (RIOT).
With Thursday’s nosedive, BTC is now on the brink of taking out the lows of late August-early September, when it bottomed just above $107,000. That price level could serve as support at least for a bounce, with order books also showing a liquidity cluster which could absorb selling pressure, CoinDesk reported on a Hyblock Capital analysis.
Read more: Here Are the 3 Make-Or-Break Bitcoin Price Floors as BTC Sell-off Gathers Steam
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Combined spot and derivatives trading on centralized exchanges surged 7.58% to $9.72 trillion in August, marking the highest monthly volume of 2025
What to know:
- Combined spot and derivatives trading on centralized exchanges surged 7.58% to $9.72 trillion in August, marking the highest monthly volume of 2025
- Gate exchange emerged as major player with 98.9% volume surge to $746 billion, overtaking Bitget to become fourth-largest platform
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By Shaurya Malwa|Edited by Parikshit Mishra
3 hours ago
A $29.1 million ETH-USD long hit was indicative of the growing role of decentralized perpetual exchanges in driving liquidations.
What to know:
- Ether (ETH) trade on Hyperliquid marked the largest liquidation in 24 hours amid a $1.19 billion leveraged position wipeout.
- Nearly 90% of liquidations were long positions, highlighting market bullishness and affecting over 260,000 traders.
- Hyperliquid, a decentralized exchange, saw significant liquidations, indicating increased risk-taking in decentralized markets.
