Crypto Market Crash — BTC Below $77K, ETH Below $2,200
The Binance hack triggered a broad crypto selloff with BTC falling below $77,000 and ETH dropping to a two-month low near $2,200, accompanied by aggressive short positioning and heavy spot selling across major venues.
What we know
An account on X confirmed BTC fell below $77,000 and ETH fell below $2,200 after Binance confirmed the hack. Another account on X flagged ETH at a two-month low of $2,205, while another account on X noted a "slow mechanical grind lower" with shorts aggressively added after failure to hold $78K. Another account on X noted longs getting wiped, OI coming out hard, and heavy spot selling across Binance, Coinbase, and OKX. Will Clemente reduced BTC and pressed oil, calling it "one of best trades ever." Asian equity markets also fell hard: Kospi -3%, Nikkei -2%, Taiwan -2%+, SoftBank -5.7%. US 10-year Treasury yields fell to a 7-week low, suggesting flight to safety, and December rate hike odds eased to 70%.
How the story developed
The Binance hack triggered a broad crypto selloff with BTC falling below $77,000 and ETH dropping to a two-month low near $2,200, accompanied by aggressive short positioning and heavy spot selling across major venues.
Glassnode data shows ~4M BTC was acquired by long-term holders between $85K–$118K, leaving most in loss territory near current $80K prices, creating sustained selling pressure.
Google unveiled a crypto custody and signing service for banks already used by Alphabet on Ethereum and Solana, representing a landmark move by a major tech firm into institutional crypto infrastructure.
Spot Bitcoin ETFs pulled in $176M on Tuesday — BlackRock's IBIT alone accounted for $151.5M — while spot Ethereum ETFs lost $60.2M, highlighting continued divergence in institutional appetite.
CME leveraged funds remain net short on BTC but covered aggressively last week. Spot ETF inflows turned positive this week at $110M, entirely from BlackRock's IBIT.
Multiple traders turned bearish on BTC and ETH, citing broken mid-timeframe trends and targeting BTC sub-$82k, while FOMC this week adds to uncertainty and onchain sentiment hits a 9-year low.
Tom Lee went on CNBC calling Q4 the start of 'one of the biggest market rallies in our lifetime.' Institutional voices from BlackRock, Fidelity, JP Morgan and Grant Cardone are aligned bullishly on Bitcoin.
Bitcoin fell under $80K on a Saturday with 16 of the last 18 four-hour candles red, ETH dropped below $2,300, shorts are aggressively pushing prices lower with spot bids absent, and a whale with $214M in ETH longs is on the verge of liquidation. Trader Machi was liquidated 5 times in one hour.
Bitcoin ETFs saw nearly $572M in daily outflows while Ethereum ETFs bled $276M on the week; meanwhile notorious trader James Wynn returned after 49 days to open a high-risk 40x leveraged BTC short.
Tom Lee argues the tech/AI selloff is approaching its end, citing extreme bearish positioning and Jefferies data showing over $1B in net tech selling on 7 of the last 10 days. Bitcoin ETFs meanwhile absorbed $528M in a single day.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.