On the evening of September 25, 2025, the bitcoin exchange rate collapsed below $109,000. Later, the price of the first cryptocurrency partially recovered positions. At the time of writing, the asset is trying to stay above this level.

All assets from the top 10 by market capitalization showed a decline. BNB fell the most significantly — by 5.71%.

Against this background, the daily volume of liquidations on the cryptocurrency futures market exceeded $970 million.

Nearly 227,000 traders’ positions were closed in the last 24 hours. About $855 million of losses were on long positions and about $118 million on shorts. The largest liquidations were recorded in bitcoin and Ethereum — approximately $247 million and $313 million, respectively.

Over the past 24 hours, the Fear and Greed Index decreased by seven points to 32, demonstrating that market sentiment is in the fear zone.

Note, crypto researcher Ash Crypto named four probable reasons for the market decline:

• the expiration of options worth $23 billion in bitcoin and Ethereum;
• risk of a US government shutdown — the probability of a shutdown before October 1 is now 67%, which historically triggers panic and market corrections;
• strong economic data — US Q2 GDP came in better than expected (3.8% vs. 3.3%), leading to bearish sentiment in the short term;
• mass liquidations — traders opened many positions with high leverage on decentralized exchanges and are now subject to liquidations.

Recall, earlier Coinbase CEO Brian Armstrong named three arguments in favor of bitcoin growth to $1 million by 2030.