On the evening of September 25, 2025, Bitcoin’s price plunged below $109,000, triggering significant liquidations across the crypto market. After the initial drop, BTC partially recovered and is currently trying to hold above this level.
Market Impact and Top 10 Cryptocurrencies
All top-10 cryptocurrencies by market capitalization saw declines. The largest drop was recorded by BNB, down 5.71%.
Daily liquidations in the crypto futures market exceeded $970 million, with nearly 227,000 traders closing positions. Most losses occurred in long positions — around $855 million, while short positions lost roughly $118 million. The highest liquidation volumes were in Bitcoin and Ethereum, at approximately $247 million and $313 million, respectively.
The Fear & Greed Index fell by 7 points to 32, indicating heightened market anxiety.
Possible Causes of the Decline
Crypto analyst Ash Crypto highlighted several potential factors behind the drop:
- Expiration of options totaling $23 billion in BTC and ETH.
- Risk of a U.S. government shutdown — currently a 67% probability for October 1, historically triggering market panic.
- Strong U.S. economic data — Q2 GDP at 3.8%, exceeding expectations of 3.3%, briefly creating bearish sentiment.
- Mass liquidations — traders using high leverage on decentralized exchanges faced forced position closures.
Earlier, Coinbase CEO Brian Armstrong expressed optimism that Bitcoin could reach $1 million by 2030.
