The cryptocurrency market is undergoing a steep selloff, with Bitcoin sliding below $75,000 and extending losses to its lowest level since April 2025. Over the past two weeks alone, an estimated $700 billion has evaporated from the total crypto market, underscoring a rapid deterioration in investor sentiment.
The decline has not been confined to digital assets. Pressure has intensified across multiple asset classes, signaling a broader risk-off environment. Bitcoin’s drop has coincided with sharp losses in commodities, equities, and alternative assets, amplifying concerns that markets are entering a period of sustained instability.
On European trading venues, bitcoin briefly fell below €64,000 on Coinbase, highlighting the global scale of the selloff.
Why selling pressure is spreading
Analysts point to tightening financial conditions, extreme positioning, and cascading liquidations as key drivers behind the current downturn. As previously covered, periods of elevated leverage tend to produce synchronized selloffs once prices begin to slide, dragging down assets that previously moved independently.
The breadth of recent losses is striking. Over the latest stretch, natural gas has dropped about 15.5%, Ethereum is down roughly 10.5%, silver has fallen 8.0%, gold 5.5%, and bitcoin itself about 5.5%. Oil prices, measured by WTI crude, have declined 4.5%, while major equity indices have also moved lower, with the Nasdaq 100 down 1.5% and the S&P 500 off 1.2%.
Market commentary has turned increasingly cautious. Television personality Jim Cramer said earlier this week that at around $77,000 he expected buyers to step in aggressively and push bitcoin back toward $82,000. Instead, prices continued to fall, suggesting that dip-buying appetite may be weakening.
What markets are signaling next
Analysts say the current environment is marked by historically high volatility, particularly in commodity markets, where price swings are feeding back into broader risk sentiment. Crypto markets, often the most sensitive to shifts in liquidity, have borne the brunt of the adjustment.
Prediction markets are reflecting growing pessimism. On Polymarket, traders currently assign a higher probability to bitcoin falling below $45,000 than rebounding to $120,000, a notable reversal from bullish expectations seen earlier in the year.
For investors, the synchronized decline across assets suggests that diversification benefits are temporarily breaking down. When commodities, equities, and crypto sell off together, it often reflects forced deleveraging rather than asset-specific fundamentals.
Looking ahead, analysts warn that volatility is likely to remain elevated as markets search for a new equilibrium. Bitcoin’s ability to stabilize above key technical levels will be closely watched, as a failure to do so could trigger further liquidations.
While long-term adoption narratives around crypto remain intact, the near-term outlook has become increasingly fragile. The past two weeks have demonstrated how quickly confidence can unwind and how digital assets remain deeply exposed to shifts in global risk appetite.