Crypto markets were whipsawed during early U.S. trading, with bitcoin (BTC) surging from around $87,000 to above $90,000 within minutes before rapidly reversing back toward the $87,000 level.

The largest cryptocurrency was last trading near $87,300, down about 0.5% over the past 24 hours, after being up more than 3% just moments earlier.

The abrupt pullback coincided with sharp declines in artificial intelligence-linked equities. Shares of Nvidia, Broadcom and Oracle fell between 3% and 6%, while the tech-heavy Nasdaq dropped more than 1%.

Sentiment around AI was further dented by reports that Blue Owl Capital had withdrawn funding from a proposed $10 billion Oracle data center project in Michigan.

The sudden volatility sparked more than $190 million in liquidations across crypto derivatives markets over the past four hours, according to CoinGlass. Of that total, roughly $72 million came from long positions betting on higher prices, while $121 million was wiped out from short positions positioned for a decline.

Shrinking liquidity remains a key factor behind bitcoin’s choppy, directionless price action, leaving the market highly sensitive to external shocks, said Hunter Rogers, co-founder of bitcoin yield protocol TeraHash.

“We’re seeing signs of an exhausted market,” Rogers said. “In that environment, even relatively modest selling pressure can push prices lower.”

He added that bitcoin must hold the $80,000–$85,000 zone as a key support area, which could determine whether the market faces fresh lows or stages a more durable recovery.