Bitcoin’s price slipped below $110,000 on Saturday, extending a week of losses as retail investors cut positions and leveraged bets collapsed across major exchanges. Ethereum also traded lower, with the global cryptocurrency market capitalisation falling to $3.77 trillion.
Over the past week, crypto markets have shed nearly $300 billion in value amid heavy selling pressure on the top 10 assets. The downturn has been driven by weakening sentiment and economic uncertainty, leaving overall market confidence at its lowest since early summer.
Ethereum, the world’s second-largest digital asset, led the selloff with its steepest weekly drop since June. The token’s market value now stands at $483 billion after losing more than 10.3%. It is trading at $4,007, a level widely viewed by traders as a critical support point.
Bitcoin, the industry’s bellwether, also faced sharp declines. Its market cap has dropped to $2.179 trillion after falling around 6% this week, its heaviest loss since March. The flagship cryptocurrency is now hovering near the bottom of its recent trading range.
The selloff was intensified by a wave of liquidations in crypto’s perpetual futures market. More than $3 billion in long positions were unwound across exchanges, according to data compiled by Coinglass. Analysts warned that the true scale of leverage in the system remains unclear, as most platforms do not fully disclose liquidation data.
Despite the rout, top cryptocurrencies saw a slight recovery after a US report showed inflation grew at a slower pace last month, easing pressure on the Federal Reserve as the labour market cools. Still, investor appetite remains fragile.
Adding to the strain, US-listed Bitcoin and Ether exchange-traded funds recorded more than $500 million in combined net outflows on Friday, further weighing on sentiment in the digital asset sector.
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