Bitcoin falls below 65k, ETH backtests 1,870! Liquidations of $250 million, fear index continues to trend lower

The crypto market continues to slide today. BTC has fallen below the $65k level, while ETH is back-testing around $1,870. In the past 24 hours, the entire network saw liquidations totaling $251 million. The Fear Index has dropped to 28, and market sentiment remains cautious.
(Background recap: Ethereum saw a drop from a two-week high at 1,956 overnight! Bitcoin was consolidating around $66k, and the Fear Index fell again; 63k people were liquidated)
(Additional context: Institutional sell-off signals? In 7 hours, Abraxas Capital transferred $197 million worth of Bitcoin and Ethereum to exchanges)

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• Total liquidations across the market hit $250 million, bulls were massacred
• US stock tech earnings spark worries about AI spending, with oil prices breaking $100 adding inflation pressure
• Major coins fall across the board
• Market sentiment stays weak, Fear Index continues probing the lows

Today (24), the crypto market continues to retreat. Bitcoin (BTC) has slipped below the $65k mark; its 24-hour drop is 1.66%, and it briefly touched $64,650 at the low. Ether (ETH) is also weakening, dipping to around $1,860, down 3.18%. Under the dual pressures of concerns over AI spending triggered by earnings from US tech giants and oil prices breaking above $100, overall crypto sentiment is weak. The Fear and Greed Index has fallen to 28, keeping sentiment in the “Fear” range.

Total liquidations across the market hit $250 million, bulls were massacred

According to CoinGlass data, liquidations across the entire network totaled $251 million over the past 24 hours. Long liquidations were $189 million, while short liquidations were $62.73 million. Bulls became the main victims of this sell-off wave, with 81,719 traders liquidated in total. The largest single liquidation order occurred on the Hyperliquid platform, amounting to $7.86 million.

US stock tech earnings spark worries about AI spending, oil prices breaking $100 adds inflation pressure

US four major stock indexes all closed lower on Thursday (the 23rd). Double disappointments from Alphabet and Tesla’s earnings weighed on the market. Although Alphabet delivered revenue that beat expectations, it also raised full-year capital expenditures to $205 billion and its free cash flow turned negative for the first time in a decade, raising concerns in the market about the investment return on the AI arms race. Its stock fell more than 4% after hours. Tesla similarly fell more than 4% after hours due to profit declines and negative cash flow.

The Dow Jones Industrial Average fell 0.97% (506.93 points) to close at 51,711.65. The Nasdaq index plunged 2.15% (553.21 points) to close at 25,137.69, the lowest closing level since May 4. The S&P 500 index dropped more than 1%, marking the largest single-day decline in a month. In addition, Brent crude futures rose above $100 per barrel, intensifying worries about inflation, pushing bond yields higher, and further weighing on risk asset performance.

Major coins fall across the board

Ether (ETH) is down 3.18% over 24 hours to $1,871, with an intraday low of $1,859. It has retreated more than 4% from the 14-day peak of $1,947 (July 23). Solana (SOL) fell 3.13% to $75.81. XRP dropped 2.95% to $1.1074. Under the double hit of macro uncertainty and the blow from tech stock earnings, major coins are broadly weakening.

Market sentiment stays weak, Fear Index continues probing the lows

The Fear and Greed Index is at 28 today, down from 31 the previous day, continuing the “Fear” range seen over nearly the past week. Based on alternative.me data, over the past 8 days the index has fluctuated between 25 and 33, and market sentiment remains cautious. US Federal Reserve Chair Kevin Warsh recently reiterated a “zero tolerance” stance on inflation. With hawkish forces rising, alongside soaring oil prices and a frenzy in AI spending, risk assets may continue to face pressure in the near term.