The cryptocurrency market recently experienced its most significant liquidation event to date, with over $19 billion vanishing within 24 hours, leading to a substantial decline in Bitcoin’s value.
Bitcoin’s price plummeted from a peak of $122,600 on Friday down to $107,000, continuing its descent from the all-time high of $126,296 recorded on October 6.
This sell-off had an even more pronounced effect in the futures market. Glassnode reports that Bitcoin futures markets faced their largest-ever single-day open interest wipeout, clearing over $11 billion in positions.
The massive sell-off was linked to long-term Bitcoin holders distributing approximately 240,000 BTC over the past month. Maartunn from CryptoQuant notes this is the largest distribution since January 2025.
As crypto enthusiasts anticipate future market movements, NBA icon Scottie Pippen advises caution: “Don’t let go of your Bitcoin.”
EVERYONE desires your Bitcoin.
Hold onto your Bitcoin! pic.twitter.com/QXMqWmEz4n— Scottie Pippen (@ScottiePippen) October 11, 2025
Pippen emphasized ongoing demand for Bitcoin by stating: “Everyone desires your Bitcoin.”
What lies ahead?
Swissblock suggests that the upcoming two days could be crucial for assessing whether this recent downturn was merely a technical correction or signals a longer-lasting decline.
An update from Swissblock yesterday advised caution due to high volatility and low trading volume, recommending patience before re-entering the market.
After three consecutive days of losses ending Saturday, Bitcoin bounced back slightly during early Sunday trading sessions reaching $112,218.
Willy Woo ,a n o n – c h ain analyst ,s tates B i tcoin is maintaining stability:”BTC held up okay. i nt e rnal l y BTC w as b uilding a bullish structure with increasing inflows which likely shielded it. s o far th e flows are holding up ok.”
Analysts identify &dollar ;100&comma ;000 as th e next critical support level for B i tcoin ;if breached&comma ;it could indicate an end t o th e previous three-year bull cycle.