The mood across crypto markets turned sour in a hurry as Bitcoin once again broke below the $60,000 mark. The sharp slide dragged investor sentiment down with it, and the panic on trading screens was hard to miss.
Amid the sell-off, Portnoy took to social media and, without naming anyone, aimed his words at the most vocal believers who have kept making outsized predictions about Bitcoin.
"I need all the Bitcoin and crypto people who say it's going to a million and how it's the future to tell me why all the people who have always said it's a scam and going to zero are wrong," Portnoy wrote.
Lowest Since October 2024
Today's drop pushed Bitcoin to its weakest level since October 2024, with the price tumbling by 4.2%. The damage did not stop at Bitcoin itself; the stocks widely treated as crypto proxies took a beating too.
Strategy (MSTR) is currently trading at prices not seen since February 2024, while assets like STRC are sinking to fresh all-time lows.
Hundreds of Millions Wiped Out in a Day
According to CoinGlass liquidation figures, 169,531 traders were completely liquidated in the rout. Total market liquidations climbed to a staggering $869.39 million.
The heaviest blow landed on those betting on a rise. Long positions alone accounted for $785.31 million of the 24-hour wipeout, meaning the bulk of the financial pain fell on bullish traders.
What Triggered the Break
On-chain analytics firm Glassnode points to several forces behind Bitcoin's break. These include ongoing ETF outflows, mass loss realization by panicked investors, and defensive options positioning.
Glassnode warned that "broad demand remains absent."
An Economist's Warning
Economist Henrik Zeberg flagged a key detail: Bitcoin's fall below $60,000 is unfolding while the U.S. Dollar Index (DXY) sits at a relatively low 101.
"Now imagine what happens when the DXY revisits its 2001 highs during the deflationary bust I expect to unfold into late 2026 and early 2027," Zeberg said.
He cautioned that the market is entirely unprepared for what lies ahead, adding, "Most investors have never experienced a true global scramble for dollars."
