MicroStrategy Hits Five-Month Low as Bitcoin Tumbles
TL;DR Breakdown
- Bitcoin plunged below $109K, dragging the crypto market cap down 4% to $3.74T.
- MicroStrategy sank 10% intraday, miners and treasury firms slid 7 to 8%.
- Over $1.13B in liquidations hit traders, with Ether leading at $400M in wiped-out longs.
The global crypto market spiraled lower on Thursday as Bitcoin plunged under $109,000 in a sharp sell-off. The dip was visible across tokens and equities tied to digital assets. The cumulative digital assets market cap dropped by around 4% over the last 24 hours to stand at $3.74 trillion. A few days back, the market cap was hovering above $4 trillion.
BTC slid to its weakest level in nearly a month, which erased its gains from recent rebounds. Ether slumped 8% diving towards $3,800. This extends its drop to 22% from last month’s record highs. Solana, which traded above $250 just two weeks ago, has slipped below $200 for the first time in September.
The downturn triggered a sweeping leverage flush in derivatives markets. More than $1.13 billion worth of both long and short positions were liquidated over the past 24 hours. Data shows that $1.04 billion (92%) of the liquidated bets turned out to be long positions. This suggests that traders were hoping for a recovery rally fall the recent dump. CoinGlass data shows that Ether led the rout with over $400 million in long bets wiped out. Bitcoin followed with $265 million.
MSTR Turns Negative for 2025
Crypto-linked equities were hit just as hard. MicroStrategy (MSTR) sank as much as 10% intraday to a five-month low. The largest corporate holder of Bitcoin gave up all of 2025’s gains and turned negative for the year. Shares closed down 6.1, mirroring Bitcoin’s slide.
Bitcoin price has dropped by more than 7% over the past 7 days. BTC is trading at an average price of $109,572 at the press time. The stock has become a proxy for BTC exposure, often amplifying the coin’s volatility. MSTR closed trading at $300.70.
Other crypto treasury firms, including BitMine Immersion Technologies (BMNR) and Sharplink Gaming (SBET), fell 7% to 8%. Miners like MARA Holdings (MARA) and Riot Platforms (RIOT) also dropped sharply.
MicroStrategy’s drop comes just days after it revealed another $99.7 million Bitcoin purchase, funded by selling shares. The move brought its holdings up by 850 BTC, but investors appear more focused on near-term price pressure than long-term accumulation.
The world’s largest cryptocurrency has now lost more than $140 billion in market value since the start of the week. Analysts flagged $107,000 as the key support area. They pointed to a cluster of leveraged long positions at risk in that range.
Traders have repeatedly stepped in to buy intraday lows, particularly during U.S. sessions, but selling in Asian hours has steadily chipped away at rebounds
