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The crypto market extended its selloff on Wednesday, wiping out more than $100 billion in value over 24 hours and pushing total market capitalization back to around $2.9 trillion. Despite the decline, investor sentiment remained relatively strong, with the Crypto Fear & Greed Index slipping from 73 to 70, still indicating “greed.”
Bitcoin (BTC) dropped more than 4% and fell below $83,000, erasing part of its recent gains. Ethereum (ETH) declined about 6%, while XRP, Solana (SOL), Dogecoin (DOGE) and other major altcoins recorded losses of roughly 3% to 7%. SKY and Uniswap (UNI) were among the biggest decliners, falling nearly 12% and 11%, respectively.
The crypto market downturn coincided with renewed pressure across risk assets as the U.S. 10-year Treasury yield briefly climbed above 5.35%, reaching its highest level in 24 years. Rising bond yields, higher mortgage rates and inflation concerns linked to surging oil prices encouraged leveraged traders to reduce risk.
The 10-year yield later eased toward 5.30% as investors awaited the Treasury buyback and Federal Open Market Committee meeting minutes. Expectations that the Federal Reserve could pause further interest-rate increases also helped yields retreat.
Meanwhile, the U.S. Dollar Index climbed as high as 102.50, its strongest level since March 2025, before pulling back toward 102.3. A stronger dollar typically creates additional pressure on cryptocurrencies and other risk-sensitive assets.
Liquidations accelerated the crypto market selloff. Coinglass data showed roughly $700 million in positions were liquidated during the past 24 hours, including nearly $650 million in longs and $50 million in shorts.
More than 123,000 traders were liquidated. The largest individual liquidation was a $26.64 million ETH-USDC position on Binance, while the biggest Bitcoin liquidation totaled $11.75 million. ETH, BTC, SOL, XRP, DOGE, ZEC, UNI, SUI and HYPE were among the assets recording significant liquidations as leveraged positions were rapidly unwound.
