Crypto markets plunged sharply on Thursday, with Bitcoin, Ether, and Solana leading declines, while crypto equities also came under pressure.

Bitcoin and Major Altcoins Drop

Bitcoin (BTC) fell below $109,000, hitting its lowest level in nearly a month, trading around $109,330. Ether (ETH) dropped 8% over 24 hours to just above $3,954, erasing gains since early August and down 22% from its all-time highs last month. Solana (SOL), which traded above $250 only two weeks ago, plunged below $200, declining 8% in the session. The broader CoinDesk 20 Index fell 6% amid the sell-off.

The sharp declines triggered a widespread leverage flush in derivatives markets, liquidating over $1.1 billion in leveraged positions, according to CoinGlass. ETH led liquidations with more than $400 million in long positions wiped out, followed by BTC with $265 million.

Crypto Equities Also Hit

Crypto-linked stocks were also hammered. MicroStrategy (MSTR), the largest corporate holder of BTC, plunged as much as 10% to a five-month low, wiping out all of this year’s gains and leaving the stock down 1.5% year-to-date—even as BTC remains up 16% over the same period. Ether treasury firms Bitmine (BMNR) and Sharplink Gaming (SBET) lost 7%-8%, while bitcoin miners MARA Holdings (MARA) and Riot Platforms (RIOT) also declined in the same range.

Technical Outlook

With Thursday’s sharp drop, BTC is approaching the late August–early September support zone just above $107,000. CoinDesk, citing Hyblock Capital analysis, noted that order books show a liquidity cluster around this level, which could help absorb selling pressure and potentially provide a short-term bounce.