Bitcoin’s Rapid Run Toward $80K Triggers $1.7 Billion in Bullish Liquidations

The Crypto Fear & Greed Index plunged to 11 on Monday, a level firmly in “extreme fear” and the lowest sentiment reading since late 2022.

Bitcoin’s steep November decline deepened on Friday, breaking below $85,000 for the first time since April as cascading liquidations and deteriorating sentiment fueled what is shaping up to be the harshest monthly pullback since the 2022 crypto winter. The cryptocurrency briefly fell to $81,600 before stabilizing around $84,000, erasing its year-to-date performance and returning the market to pre-ETF-launch levels.

Losses across major altcoins accelerated as well. Ether slid under $2,750, down nearly 14% over the past week. Solana fell more than 10% in a day, while XRP, BNB, and Cardano each dropped between 8% and 15%. Overall, leading assets have surrendered 20–35% from their November peaks, with smaller tokens suffering even sharper declines.

Liquidation data highlights the severity of the selloff. More than $2 billion in leveraged positions were wiped out within 24 hours, CoinGlass shows. Bitcoin accounted for $964 million of that figure, while ether saw $407 million in forced unwinds. In total, roughly 396,000 traders were liquidated, including a single $36.7 million BTC position on Hyperliquid — the largest of the day.

Broader market conditions are compounding the stress. Global equities just recorded their worst week in seven months as investors reassess lofty AI-driven valuations and reduce expectations for a December Federal Reserve rate cut. The MSCI All Country World Index is down more than 3% this week, U.S. tech stocks remain under pressure, and Treasuries are seeing safe-haven demand.

Crypto-specific flows are also weakening. U.S.-listed bitcoin ETFs registered more than $900 million in outflows on Thursday — their second-largest daily withdrawal since launching in early 2024. Perpetual futures open interest has fallen 35% since October’s $94 billion peak, draining liquidity and adding to market fragility.

Retail sentiment continues to unravel in parallel. The Fear & Greed Index’s drop to 11 reflects the growing panic across the sector. Although such extreme readings have historically preceded major market lows, bitcoin’s break of multi-month support and the reversal in institutional inflows suggest the market has yet to find a firm footing.

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