Crypto market recap: $1B in liquidations hit as fear index drops to 11
The cryptocurrency market entered a period of heightened stress as traders faced more than $1 billion in liquidations across major assets, including Bitcoin, Ethereum and Solana, ahead of a major options expiry event.
Bitcoin saw nearly $500 million liquidated within 24 hours — with $460 million in long positions wiped out — dropping to a seven-month low of $85,300. Since early October, over $1.35 trillion has been erased from the overall crypto market cap.
Key takeaways
- $1B+ in liquidations hit major assets, driven by a sharp selloff ahead of a $4.2B options expiry, accelerating market stress.
- Bitcoin plunged to $85,300, with more than $460M in long positions liquidated in 24 hours, underscoring extreme leverage unwinding.
- Crypto Fear & Greed Index fell to 11 (“Extreme Fear”), reflecting collapsing sentiment, rising risk aversion and a bearish short-term outlook.
- Nearly $1.35T of market cap erased since October, indicating broad-based selling across both majors and altcoins.
- Bitwise debuted its spot XRP ETF, waiving fees temporarily to attract inflows; RippleX also explored early concepts of native XRP staking.
Sentiment, volatility and the fear index collapse
Market sentiment deteriorated sharply, reflected in the Crypto Fear & Greed Index, which plunged to 11 (Extreme Fear) — a level indicating intense market anxiety and declining investor confidence.The index’s fall suggests rising risk aversion, shrinking liquidity participation and a worsening short-term outlook.
In parallel, approximately $4.2 billion in crypto options is set to expire, adding more pressure to derivatives markets already stressed by U.S. macroeconomic data. Within two hours of a strong U.S. jobs report, nearly $450 million in liquidations occurred as expectations for a December Fed rate cut faded.
ETF and altcoin developments: Bitwise pushes ahead with XRP ETF
Despite the market downturn, Bitwise made progress with the launch of its spot XRP ETF. The product, listed under ticker XRP, waives its 0.34% management fee for the first month on the first $500 million of assets.
At the same time, RippleX engineers outlined early concepts for native XRP staking, noting that the idea remains experimental but signals potential future upgrades to the XRP Ledger’s functionality.
Looking ahead
With sentiment at extreme fear, traders will closely watch Bitcoin’s ability to hold above the $85,000 level, ETF flows, macroeconomic data, and upcoming derivatives expiries.
Whether this downturn becomes a prolonged correction or a capitulation bottom depends on how liquidity and risk appetite evolve over the next several days.
In addition, we wrote XRP price prediction: High stakes support test looms as outflows hit $218M ahead of ETF wave.
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