#BitcoinDropsBelow$65K

Bitcoin, since reaching its all-time high of $69,000 in late 2021, has erased all its gains and fallen below the $70,000 threshold amid intensifying selling pressure in spot and derivatives markets.

The leading cryptocurrency lost 9% in the last 24 hours, dropping to around $67,300, its lowest level since October 2024.

Alongside Bitcoin, Ethereum also declined 9%, falling to $1,957 and trading below the psychological $2,000 mark. Additionally, major altcoins such as XRP, Solana, Dogecoin, Cardano, and Hyperliquid also lost between 5% and 16% in value.

As a result, the total crypto market capitalization decreased by 9%, falling to $2.29 trillion.

Selling Pressure Mounts
Bitcoin’s drop below $70,000 came after an acceleration in the deterioration of market structure. On-chain indicators point to forced sales, weak spot demand, and declining institutional support.

Glassnode analysts said the market has entered a stable defensive phase, with losses accelerating as investors incur losses and exit their positions.

In a note, Glassnode analysts Chris Beamish and Antoine Colpaert wrote, “Spot BTC volumes continue to remain structurally weak, reflecting a demand gap that cannot meet selling pressure.”

Bitcoin’s decline pushed its price below the “Realized Market Price,” a key on-chain cost-based metric that tracks the average purchase price of actively circulating supply. Glassnode stated that losing this level confirms a broader downturn that has been developing since late 2025 and increasingly resembles the early stages of previous bear market transitions.

However, on-chain data also shows early accumulation between $70,000 and $80,000, with a dense cost basis cluster around $66,900 to $70,600.

This clustering could serve as a shock absorber in the short term. Nonetheless, analysts noted that high realized losses, exceeding $1.2 billion daily, indicate ongoing fear-driven selling.

Long Positions Liquidated
Derivatives markets further amplified this movement. Bitcoin futures saw a surge in long position liquidations as the price fell below $70,000.

According to CoinGlass data, in the last 24 hours, $1.4 billion worth of positions were liquidated in the crypto market, with $1.2 billion of that being long positions.

Moreover, institutional demand also weakened. Net flows between spot Bitcoin ETFs, corporate treasuries, and government-linked assets turned negative, removing a significant source that supported previous phases of the cycle.

According to SoSoValue data, US spot Bitcoin ETFs experienced outflows of $545 million yesterday.