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The cryptocurrency market lost more than $230 billion in value over 24 hours ending Friday, marking one of the sharpest single-day declines in months as Bitcoin fell 6% to $105,000 and Ethereum dropped 8% to $3,700.
The sell-off, which reduced total crypto market capitalization from $3.78 trillion to $3.54 trillion, was mirrored in traditional markets where the crypto fear greed index hit 22—signaling extreme fear—as credit market turmoil and U.S.-China trade tensions rattled investors.
The crypto-specific fear and greed index fell to 28, its lowest level since April, though liquidations totaled just $556 million compared to nearly $20 billion during last week’s crash.
Data shows that major crypto assets extended their declines in the last 24 hours as the broader market correction deepened.
Bitcoin fell nearly 6% to about $105,000, while Ether dropped almost 8% to around $3,700. Among large cap altcoins, BNB led losses with nearly a 12% decline followed by Chainlink with an 11% drop and Cardano, which fell 9%. Solana and XRP also tumbled by over 7% extending a week long decline that erased double digit gains accumulated earlier this month.
On average, the largest non stablecoin crypto assets declined by about 8%–9% over the last 24 hours.
While last week’s market crash led to nearly $20 billion in liquidations this week’s downturn saw significantly lower activity.
On Friday, data from CoinGlass showed that about $556 million worth of leveraged positions were wiped out across exchanges a small fraction of last week’s figure. Of that, about $451 million came from long positions while $105 million came from short liquidations.
Beyond Bitcoin and Ether, other sectors also reflected the grim mood captured by the Crypto Fear Greed Index.
Memecoins, which showed small signs of recovery earlier in the week dropped 33% in 24 hours according to CoinMarketCap. Top memecoin assets fell 9%–11% in the same period with trading volumes still high at nearly $10 billion.
The NFT sector which had recently rebounded from a $1.2 billion wipeout, erased its gains and fell below a $5 billion valuation a level last seen in July. CoinGecko data showed that most blue chip NFT collections dropped double digit percentages in the last 24 hours.
Meanwhile, spot Bitcoin and Ether ETFs reacted sharply to the market crash. On Thursday, spot Bitcoin ETFs recorded outflows exceeding $536 million while spot Ether ETFs saw daily net outflows of over $56 million.
The Crypto Fear Greed Index serves as a barometer for overall investor sentiment in the digital asset space, blending indicators such as volatility, market momentum, social trends and dominance data. Its latest drop highlights how fear can swiftly dominate crypto markets when uncertainty spikes.
Analysts warn that until the Crypto Fear Greed Index stabilizes, volatility could remain elevated, keeping traders cautious and limiting recovery rallies.
For now, the Crypto Fear Greed Index continues to signal a bearish environment a reminder that even in trillion dollar markets emotion remains a powerful force.
