The sell-off in the crypto market is intensifying: Bitcoin has fallen even below its November 2021 level, when the cryptocurrency formed a cycle top at $67,400. At the time of writing, BTC is trading around $66,691, slightly below that level.
As a result, over the past 24 hours Bitcoin has declined by 8.1% and is now trading 47% below its all-time high of $126,080, recorded on October 6, 2025.
Joshua Krüger, Head of Growth at the dEURO Association, links the sell-off to global uncertainty:
“In the current phase of global instability, Bitcoin is being perceived not as digital gold, but primarily as a volatile tech asset. Geopolitical tensions and a deteriorating market environment are forcing investors to broadly reduce risk exposure.”
A similar view is shared by Ruslan Lienkha, Chief of Markets at YouHodler, who told:
“As risk appetite across global markets declines, capital is flowing out of growth-oriented and speculative assets, putting pressure on both technology stocks and cryptocurrencies.”
At the same time, veteran trader Peter Brandt believes the move reflects a coordinated attack on the market. Writing on X, he said:
“The nature of Bitcoin’s decline (eight consecutive days of lower lows and lower highs) shows all the characteristics of a coordinated action. I’ve seen this hundreds of times over the past decades.”
Dr. André Dragosch, in turn, noted on X that nearly 50% of the BTC supply is now “underwater,” meaning holders are sitting on unrealized losses. Historically, such levels have often marked potential market turning points.
