Bitcoin Falls Below $80,000 Amid Profit-Taking and Weak Market Demand

Bitcoin plunged on Saturday, falling as much as 10% to $75,709.88—its lowest level since April 2025—as early holders took profits and new capital failed to enter the market. The selloff has erased over 30% of the cryptocurrency’s peak value, with Ether and Solana also dropping roughly 17%, reflecting broad weakness across major tokens.

The decline wiped about $111 billion from total crypto market capitalization within 24 hours, while $1.6 billion in leveraged positions were liquidated, primarily in Bitcoin and Ether, according to Coinglass. Analysts point to thin liquidity and muted buying interest as key drivers behind the drop.

Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, said Bitcoin’s realized capitalization has largely stalled, signaling that fresh inflows have dried up. “When market cap falls without realized cap growing, that’s not a bull market,” he said on X.

Early holders, supported last year by spot Bitcoin ETFs and Michael Saylor’s Strategy (MSTR), have been taking profits steadily. Strategy’s holdings are now slightly underwater but pose no immediate financial stress. Despite macro tailwinds, including a weaker U.S. dollar and record-high gold prices, Bitcoin failed to rally. Ju expects the downturn to resolve through prolonged sideways trading rather than a sharp rebound, leaving the market without a clear near-term bottom.