Sharp Drop Sends Bitcoin Below $103,000, Fueling $450 Million in Liquidations Across Crypto Markets

Bitcoin Dips Below $103K as Market Volatility Sparks $450M in Liquidations

21 June 2025

A bright start for crypto markets soured quickly on Friday, as bitcoin plunged from over $106,500 to below $103,000 during the U.S. trading session, wiping out earlier optimism and leaving traders rattled.

By press time, bitcoin had trimmed some losses, rebounding to around $103,200, still down 1.2% over the past 24 hours.

Other major cryptocurrencies suffered steeper drops. Ethereum’s ether (ETH) fell 4.5% in just 90 minutes, hitting lows of $2,372 amid surging volumes of nearly 800,000 ETH—about eight times the typical hourly average, according to CoinDesk data. Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) all slipped between 3% and 5% in the same timeframe.

The sudden spike in volatility led to roughly $450 million in liquidations of crypto derivatives positions across centralized exchanges, data from CoinGlass showed. Of that total, $387 million came from long positions betting on rising prices.

Despite broader macroeconomic concerns—including continued tensions between Israel and Iran—there was no clear external driver behind the abrupt selloff. Meanwhile, traditional markets were relatively stable, with both the S&P 500 and Nasdaq 100 recording only modest declines.

BTC in a Holding Pattern

Zooming out, bitcoin remains locked in a sideways trading range between $100,000 and $110,000, consolidating beneath its record highs.

“The mixed view of whether BTC will go above $110,000 again or drop into the $90,000 area doesn’t surprise me at all and underscores the overall indecision people and markets feel,” said James Toledano, chief operating officer at Unity Wallet.

“The present BTC stalemate reflects a market caught between bullish long-term sentiment and short-term macroeconomic and geopolitical uncertainty,” he added.