The bears are back in town.
Nearly a billion long positions have been ruined in the past 24 hours as positive macroeconomic developments have failed to drive a price rally for risk assets such as cryptocurrencies.
Quite the contrary, bitcoin and most altcoins have headed south once again in the last hour, with numerous weekly lows.
Promises of an Uptober have crashed and burned in 2025 as the market has failed to produce substantial gains since the initial surge to a new all-time high. The Bitcoin chart from above demonstrates that the asset has been in a state of free fall since the peak marked on October 6.
Even if we exclude the flash crash four days later, BTC is still down almost $20,000 in just over three weeks. The asset was rejected at $116,000 twice in the last four days, with bulls pinning all their hopes on yesterday’s Fed rate cut and today’s meeting between Presidents Donald Trump and Xi Jinping. Both developments led to what investors expected and desired: a reduction in interest rates and lower tariffs for China.
However, the cryptocurrency market failed to capitalize. Quite the opposite, bitcoin fell from more than $112,000 yesterday to $107,500 a few minutes ago, which became a new weekly low.
The market leader’s nosedive dragged down altcoins, with ETH falling 5% to below $3,800 and XRP falling more than 6% to $2.45. Even more painful drops come from companies like HASH (-22%), ASTER (-13%), KAS (-11%), PI (-10.5%), WLFI (-10%) and many others.
Such large moves in either direction tend to hurt overleveraged traders, and the correction of the last 24 hours is no different. More than 210,000 market participants have been destroyed daily, while the total value of liquidated positions has skyrocketed to more than $1.1 billion. Naturally, almost all of that amount came from long positions ($974 million).
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