- Bitcoin fell below $70,000, hitting its lowest level since November 2024
- The token dropped 4.9% amid weak demand and volatility in tech and metals
- Over $1 billion in crypto futures bets were liquidated in the last 24 hours
Bitcoin tumbled below $70,000 Thursday as negative momentum deepened across cryptocurrencies, driven by vanishing marginal demand and this week's volatility in tech equities along with precious metals.
The token dropped as much as 4.9% to $69,049 in early New York trading, hitting its lowest level since November 2024. The slide is accelerating even as gold and silver retreat from recent highs that had prompted speculative traders to pivot from digital assets. Bitcoin is down about 45% from its October high, as big buyers like ETFs and digital-asset treasuries beat a retreat.
“Price action across crypto has been undeniably heavy over the past 24 hours, with Bitcoin acting as the primary drag on broader sentiment,” said Joel Kruger, markets strategist at LMAX Group. “That said, many of the hallmarks of capitulation are now in place: daily technicals are deeply oversold, the fear and greed index has slipped to extreme lows, and Bitcoin is now roughly 45% below its October peak.”
Trading volumes remain weak, futures markets are in a “forced deleveraging phase,” and inflows have dried up — creating a demand vacuum where “sustained sell pressure” is forcing investors to exit at a loss, according to analysts at crypto research firm Glassnode.
Over $1 billion in crypto bets have been liquidated in futures markets over the last 24 hours - $906 million in long and $166 million in bearish positions - according to data compiled by Coinglass. The funding rate for Bitcoin perpetual futures contracts, a type of derivatives that make up the most of trading volume in digital assets, has turned negative. The key metric for market sentiment is usually positive given the traditionally optimistic outlook among crypto investors.
Speculation in Bitcoin is losing its appeal among retail traders, who now have a widening menu of alternatives. The run-up to the Super Bowl is fueling activity in sports betting markets, while prediction platforms offer contracts on everything from politics to entertainment. At the same time, retail flow continues to chase zero-day options in equities and higher-yield crypto plays across decentralized exchanges.
The latest drop comes as digital assets lose their grip on nearly every narrative that once underpinned demand. Bitcoin is no longer acting as a hedge, failing to rise alongside gold during periods of geopolitical stress. Nor is it functioning as a momentum trade, with deeply oversold signals failing to spark a bounce. Its growing presence in institutional portfolios has at times made it more vulnerable to broad de-risking, particularly during bouts of volatility in tech equities and precious metals.
Inflows into US spot-Bitcoin ETFs had acted as a leg of support for much of 2025 as tens of billions of dollars flowed into the products and helped buoy the token's price. But those flows have reversed as prices have plummeted — and about $2 billion has come out of Bitcoin ETFs over the past month alone, data compiled by Bloomberg show. The figure is even starker when looked at over the past three months, with more than $5 billion yanked out.
The meltdown of the largest cryptocurrency has rippled through the digital asset world, with smaller, less liquid speculative tokens down even more. The MarketVector Digital Assets 100 Small-Cap Index, which tracks the 50 smallest digital assets in a basket of 100 has plummeted around 70% over the past year.
Meanwhile, exchanges like Coinbase Global Inc., Gemini Space Station Inc. and Bullish, have also been hit hard. Trading volumes — the core engine of their business — are plunging, dragging share prices down by as much as 60% over the past three months and forcing analysts to slash expectations.
Traders have become increasingly defensive in the options market, with a surge in demand for downside protection around $70,000. Medium-term contracts such as those expiring in late June are pointing to even more bearish outlook on token prices with the most open interest clustered around $60,000 and $20,000, according to Deribit.
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