A global technology stock selloff triggered more than $814 million in cryptocurrency liquidations on Wednesday, sending Bitcoin (BTC) below $80,000 for the first time since April 2025 (to as low as $71,000) and dragging the total digital asset market down roughly 6.7% to approximately $2.41 trillion.
What Happened: Tech Earnings Spark Crypto Rout
The synchronized decline followed disappointing earnings from AMD and Alphabet, which fueled concerns about AI spending and stretched valuations across global technology indices. Ethereum (ETH) fell more than 6% to about $2,134, while Solana (SOL) dropped over 9% to trade near $92, making it among the weakest large-cap performers.
CoinGlass data showed long positions accounted for approximately $636 million of total liquidations, with more than 178,000 traders affected. ETH recorded the largest liquidations at roughly $312 million, followed by BTC at around $306 million and SOL at approximately $65 million.
"Bitcoin fell below $80,000 for the first time since April 2025, setting off more than $2 billion in forced liquidations as leveraged positions were automatically unwound," said Ryan Kirkley, co-founder and CEO of Global Settlement (GSX). "Thin weekend liquidity accelerated the move, but the pressure did not originate in crypto alone."
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Why It Matters: Macro Stress Drives Volatility
Kirkley explained that U.S. equities sold off sharply last Friday, led by tech stocks, with risk-off sentiment spreading to European and Asian markets early this week.
Precious metals also extended losses, with gold and silver both under pressure following remarks from President Trump and Federal Reserve Chair Jerome Powell.
"Taken together, this development reflected broad macro stress rather than a breakdown specific to crypto markets," Kirkley added.
Spot Bitcoin ETFs recorded $272 million in net outflows on Feb. 3. Spot Ethereum ETFs posted $14.1 million in net inflows, while XRP (XRP) ETFs saw $19.5 million in net inflows.
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