CryptoSlate
Bitcoin and Ethereum sank to three-month lows on Thursday, extending a selloff that has erased $550 billion in crypto market value since October. Bitcoin slumped to $71,317, its weakest level since August, while Ethereum briefly slipped below $2,000 to touch $1,983. The broader market has contracted from roughly $2.94 trillion in early October to $2.39 trillion, and the latest leg lower triggered $727 million in liquidations across 125,731 traders in 24 hours.
Why it matters
The selling struck a market already running short of new demand. US spot Bitcoin ETFs have bled approximately $2 billion in net outflows over the past three weeks, and Ethereum-focused products are heading toward a seventh straight week of withdrawals with more than $2.1 billion gone in that span. Major stablecoin supply shrank by $14.2 billion over 30 days while Bitcoin's apparent demand fell by 284,000 BTC, leaving fewer buyers to absorb the pressure.
CryptoQuant's Analyst Consensus Index slid from -1.0 to -1.8 standard deviations over seven days, a signal that sentiment is deteriorating rather than stabilizing.
Market impact
Bitcoin has broken below its 200-day moving average near $73,200, a widely watched trend indicator, and CoinGlass's liquidation heatmap flags $68,000 as the next potential support zone. Bulls were the big losers in the liquidation wave: Bitcoin accounted for $293.8 million with 91.1% from longs, and the largest single position, a $31 million Bitcoin trade on Hyperliquid, was wiped out.
Deeper down, Alphractal CEO Joao Wedson points to the CVDD on-chain valuation metric, which sits near $52,700. Bitcoin traded roughly 37.7% above that level at $72,500, and a full retest would imply a further drop of about 27%. The indicator marked prior bottoms in December 2018 and November 2022, though it drifts upward with on-chain activity, so a retest is not guaranteed. The near-term tests are clear: hold $68,000, then reclaim the 200-day average.
Frequently asked questions
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How much market value has the crypto selloff erased since October?
The broader crypto market has fallen from approximately $2.94 trillion in early October to $2.39 trillion, a loss of roughly $550 billion. Bitcoin and Ethereum both hit three-month lows during the latest leg down.
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Why were Bitcoin longs hit hardest in the liquidation wave?
Leveraged traders betting on higher prices were caught on the wrong side of the decline. Bitcoin longs made up 91.1% of its $293.8 million in liquidations, and Ethereum longs accounted for 87.7% of its $120.2 million.
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What are the next key support levels for Bitcoin?
After breaking its 200-day moving average near $73,200, CoinGlass's liquidation heatmap identifies $68,000 as the next potential support region. Below that, the CVDD on-chain valuation metric sits near $52,700.
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What is the CVDD indicator that points to $52,700?
Cumulative Value Days Destroyed uses the value and age of Bitcoin moving on-chain to identify price regions tied to previous market bottoms. It matched the December 2018 bottom near $3,122 and the November 2022 bottom around $15,479.
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How have ETF outflows and stablecoin supply affected the selloff?
US spot Bitcoin ETFs recorded about $2 billion in net outflows over three weeks, and Ethereum funds are near a seventh consecutive week of withdrawals with $2.1 billion gone. Stablecoin supply also contracted $14.2 billion in 30 days, leaving less fresh capital to absorb selling.
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