TheBlock
Bitcoin fell below $82,000 on Thursday night, dropping 3.4% over 24 hours to $81,387 as of 9:30 p.m. ET, according to The Block's price page. The move pulled the broader crypto market down roughly 3%, with Ethereum sliding 3.5% to $2,388, XRP off 3.8%, and Zcash dropping 7.7%. CoinGlass data shows $440.9 million in crypto liquidations over the same window, $397 million of which were longs.
Why it matters
The sell-off did not originate in crypto. The Nasdaq Composite closed down 2.6% for its worst session since June, and the S&P 500 fell 1.21%, its worst day since July, as tech stocks cratered on persistent concerns over AI spending. Meta slid 6.98%, Nvidia fell 4.4%, Micron dropped 6.26%, and AMD lost 8.1%. The damage carried into Friday's Asian open: South Korea's Kospi gave up 2.3% and Japan's Nikkei 225 shed 1.6%.
For the first time in this cycle, crypto is reading as a leveraged extension of the same risk-off trade that hit mega-cap tech, rather than as an idiosyncratic unwind. Rick Maeda, head of markets at Laevitas, put it plainly: crypto is "trading as a high-beta tech position." The implication is that the same factors driving AI-spending anxiety and escalating U.S.-Iran tensions on the macro tape are now the dominant inputs for BTC's next move.
Market impact
Traders have rotated defensive. Dominick John, analyst at Zeus Research, told The Block that weak tech earnings, geopolitical risk, and continued U.S.-Iran disputes are pushing investors toward safer positioning. The aggregate effect showed up in the long-side liquidation stack: $397 million of forced buying exited in a single 24-hour window, a textbook signal of deleveraging rather than spot-led distribution.
The level the tape is now watching is $80,000. Dan Khus, chief analyst at LVRG Research, flagged three near-term inputs: whether $80K holds as support, whether spot Bitcoin ETF flows stay positive into the weakness, and whether further equity or oil volatility extends the pullback. Friday's S&P Global Flash U.S. Manufacturing PMI print is the next macro catalyst, with a soft read likely to harden bets against a near-term Fed cut and pressure risk assets further.
Frequently asked questions
-
Why did Bitcoin drop below $81,500?
BTC fell 3.4% over 24 hours to $81,387 on Thursday night, tracking a sharp sell-off in U.S. tech stocks. The Nasdaq closed down 2.6%, its worst session since June, on concerns over AI spending and escalating geopolitical tensions.
-
How much was liquidated in the crypto market?
Total crypto liquidations reached $440.9 million over 24 hours, with $397 million coming from long positions, according to CoinGlass data. The skew toward longs is a classic signal of forced deleveraging rather than spot-led selling.
-
Which tech stocks led the sell-off?
Meta Platforms slid 6.98%, Nvidia fell 4.4%, Micron Technology dropped 6.26%, and AMD lost 8.1%. Analysts at Laevitas and Zeus Research cited AI-spending concerns and Meta's results as the main drivers of the move.
-
How did Asian markets react on Friday?
South Korea's Kospi lost 2.3% in morning trading and Japan's Nikkei 225 dropped 1.6%, extending the global tech-led risk-off move into the Asian session.
-
What level and catalysts are traders watching next?
Traders are watching whether $80,000 holds as support for Bitcoin, whether spot BTC ETF flows stay positive, and the Friday S&P Global Flash U.S. Manufacturing PMI print, which could shift rate-cut expectations and pressure risk assets further if it comes in soft.
Crypto News
WatcherGuru
Benjamin Cowen
Glassnode
CoinDesk
CryptoSlate