The cryptocurrency market continued its decline on Thursday, with total market capitalization falling 3.31% over 24 hours to about $2.83 trillion, led by losses in Bitcoin and Ethereum across major digital assets. Bitcoin traded at $80,550.95, down 3.3%, after moving between $80,426.95 and $83,562.71. Ethereum fell 5.7% to $2,413.37, with its 24-hour range extending from $2,409.36 to $2,584.49, according to data from CoinGecko (on October 8 at 17:30 UTC).
The move lower came alongside a broader pullback in risk assets. Higher US Treasury yields, oil prices above $100 a barrel and a stronger dollar have added pressure to markets, while Federal Reserve minutes released this week showed that a number of policymakers considered another rate increase appropriate before year-end.
The latest decline also intensified selling in leveraged derivatives, with more than $1 billion in crypto positions liquidated over the past 24 hours.
Bitcoin holds above $80,000 as selling accelerates
According to data from CoinGecko (on October 8 at 17:30 UTC), Bitcoin’s market capitalization stood at roughly $1.62 trillion, giving it a 57.16% share of the total cryptocurrency market. Trading volume reached about $40.26 billion over 24 hours, while open interest in Bitcoin perpetual futures stood at $65.53 billion. The combination of substantial derivatives exposure and the decline in spot prices contributed to a wave of forced position closures.
The decline follows a broader weakening in Bitcoin during October. Earlier in the week, the token fell below $84,000 as leveraged long positions were closed and investors assessed rising yields and geopolitical risks.
Ethereum falls faster than Bitcoin
Ethereum underperformed Bitcoin during the latest selloff, dropping 5.7% to $2,413.37. ETH’s market capitalization was approximately $294.63 billion, while 24-hour trading volume stood at $17.60 billion. Open interest in Ethereum perpetual futures remained elevated at $43.68 billion, according to data from CoinGecko (on October 8 at 17:30 UTC).
The ETH-to-BTC ratio fell 2.8% to 0.02991 BTC, indicating that Ethereum weakened more sharply than Bitcoin during the period.
Ethereum also accounted for the largest share of liquidations among major cryptocurrencies, suggesting that the decline was amplified by leveraged exposure in the derivatives market.
More than $1 billion in crypto positions liquidated
According to data from CoinGlass (on October 8 at 17:30 UTC), crypto liquidations reached $1.13 billion over 24 hours, with long positions accounting for $1.05 billion and short positions making up about $82.70 million.
The imbalance was already evident over shorter periods. Four-hour liquidations totaled $757.06 million, including $712.75 million from long positions. Over 12 hours, liquidations reached $981.34 million, of which $917.17 million were long positions. About 187,974 traders were liquidated during the 24-hour period.
Ethereum accounted for $318.53 million of the liquidations, followed by Bitcoin at $286.89 million. Solana recorded $66.88 million, while XRP and NEAR accounted for $34.13 million and $22.77 million, respectively. The largest single liquidation was a $19.98 million ETH-USD position on Hyperliquid, according to data from CoinGlass (on October 8 at 17:30 UTC).
Macro pressure adds to crypto volatility
The crypto decline is unfolding against a less supportive backdrop for risk assets.
US Treasury yields have moved higher, with the 10-year yield recently rising above 5.3%, while Brent crude has traded above $100 a barrel amid renewed geopolitical concerns, according to TradingEconomics data (on October 8 at 17:30 UTC).
Those moves have increased attention on the Federal Reserve’s interest-rate path. Minutes from the September policy meeting showed that most officials anticipated additional rate increases could be necessary to bring inflation back toward the central bank’s target.
For cryptocurrencies, higher yields can increase the opportunity cost of holding non-yielding assets while tighter financial conditions can reduce appetite for leveraged positions. The effect was visible in the derivatives market as long positions were liquidated during the latest decline.
The move is not limited to crypto. US-listed companies tied to digital assets, including Coinbase, Robinhood and Strategy, also came under pressure during the broader market retreat earlier this week.
With Bitcoin trading near $80,500 and Ethereum around $2,410, traders are now assessing whether the decline will stabilize after the liquidation wave or whether continued pressure in broader risk markets will keep cryptocurrency prices under strain.
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