(MENAFN- Crypto Breaking) Bitcoin fell below $82,000 on Friday, November 21, 2025, its lowest level since early 2025, and triggered liquidations close to $1.92 billion in crypto derivatives in the past 24 hours, according to data from CoinGlass.

The sudden sell-off, which wiped out more than 391,000 traders, is now the worst intraday decline since the 2022 crypto winter and is pushing the overall cryptocurrency market capitalization under $2.95 trillion, the lowest level in the last seven months.

The 10-Minute Plunge That Triggered $1.9 Billion in Forced Exits

The price decline saw Bitcoin drop 4.5% in under 10 minutes, falling from $85,000 to an intraday low of $81,792 across major exchanges. The drop liquidated $1.9 billion in positions over four hours, including $1.78 billion in long bets on price appreciation.

Bitcoin topped the table with $960 million in positions wiped out (93% longs), followed by Ethereum (ETH ) with $401 million, as Solana (SOL ) also contributed to the altcoin losses.

Over the past day, liquidations reached $1.92 billion, adding to a monthly decline of 23% for Bitcoin. The top 10 cryptocurrencies, excluding stablecoins, saw double-digit weekly losses.

The total crypto market capitalization lost $120 billion in a single day, falling as low as $2.95 trillion and wiping out all of Bitcoin's 2025 gains from its October peak of nearly $126,198.

Open interest in Bitcoin perpetual futures has declined about 35% from October's $94 billion peak, equivalent to roughly 8,500 BTC, valued at around $700 million. Traders have characterized what happened as a“vertical dive,” as liquidations reach new highs.

The Triggers Behind Bitcoin's Sharpest Monthly Drop Since 2022

Analysts attributed the price dip to overleveraged positions, claiming it is different from October's $19 billion liquidation, which is believed to be a result of spot selling during the United States and China tariff escalations.

As Maarten Regterschot from CryptoQuant explained,“The current drop is leverage-driven,” pointing to the 35% retreat in perpetual futures open interest from October highs.

Macroeconomic factors have also contributed to the price dip. The United States Federal Reserve rate-cut odds collapsed to 37.6% after a canceled PBI report, leading to panic selling and sentiment shock. U.S. spot Bitcoin exchange-traded funds recorded $903 million in net outflows on Thursday, the largest single-day figure on record.

On-chain data showed whales' activities have also increased, divesting more than $20 billion in Bitcoin in recent weeks, further contributing to the bearish momentum. Concerns over fiscal policy changes, increasing credit default swaps, and questions about AI-driven stock valuations finally spilled into crypto, and the Crypto Fear & Greed Index fell to 11, its lowest level since late 2022, a sign of“extreme fear.”

Derek Lim, head of trading at Caladan, described the environment as“a very tricky situation in the short term,” noting a disconnect from signals like the end of quantitative easing and potential stimulus measures.

One whale investor's profits fell by 93% to $4 million, leaving $37 million in unrealized losses across Bitcoin and Ethereum holdings. Another whale, the taiwanese influencer Jeff Huang, known as“Machi Big Brother,” saw September gains of $44.8 million drop to a $20 million deficit, including a $650,000 hit in the past 24 hours.

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