Bitcoin BTC extended its sell-off on Wednesday night, hitting its lowest level since October 2024 as risk-off pressure rippled through global markets.
The world’s largest cryptocurrency fell 7.2% over the past 24 hours to $70,894 as of 11:30 p.m. ET Wednesday, its lowest level since October 2024, according to The Block’s price page. Ethereum slid 7.8% to $2,091.
“BTC extended losses after a failed relief bounce lost key support,” said Vincent Liu, CIO at Kronos Research. “A wave of long liquidations, tech-sector contagion from a sharp U.S. sell-off, and continued ETF outflows combined to accelerate downside pressure across crypto.”
Crypto-related equities also fell further under pressure. Shares of crypto exchange Coinbase closed down 6.14% on Wednesday, and Ethereum treasury firm Bitmine fell 9.17%. The Nasdaq Composite dropped 1.51%, while the Dow Jones Industrial Average added 0.53%.
Risk-off sentiment persists
Analysts said the current drawdown appears less about crypto-specific shocks and more about broader macro forces weighing on risk assets.
“Current price action in crypto is following the broader risk-off in markets and other asset classes,” said Peter Chung, head of research at Presto Research. “With broad risk-off pressure last night pushing BTC to a new low for the year, investor psychology has sunk to its weakest level since the last bear market.”
The Crypto Fear & Greed Index, currently reading 12, remains in “extreme fear” territory.
Still, Chung suggested that the bleak mood may obscure a longer-term opportunity. “Step outside the noise, however, and it becomes clear that the vast majority of the investment world remains largely oblivious to the asset class,” he said, describing it as a source of “enormous latent potential” for crypto adoption.
Liu of Kronos said market participants are closely watching whether bitcoin can defend the psychologically important $70,000 level. He added that signs of liquidation exhaustion, improving sentiment, and stabilization in ETF flows would be early indicators that selling pressure may be easing.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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