The round trip
Bitcoin traded near $81,000 Friday after CFTC rulemaking reached White House review and the SEC released a tokenized-stock exemption. By Saturday it was near $76,000; on Sunday sources placed the low between roughly $65,091 and $67,300. The range is more honest than false precision: the decline was about 17% to 20%. Ether fell 9.3%, XRP 10.4% and BNB 9.9%, while TRON gained.
Why this matters
Favorable regulation can create a policy floor without removing a liquidity ceiling. Crypto rose on easier market access, then collapsed when the Fed held rates, geopolitical risk increased and leveraged positions found too little spot demand. A narrative attracts buyers; balance-sheet depth absorbs forced sellers.
The liquidation machine
About $2.5 billion in leveraged longs were liquidated over 24 hours, described by cited trackers as the tenth-largest crypto liquidation event. More than $1 billion reportedly closed within five minutes around Saturday’s move; those Kobeissi Letter figures are platform-aggregated estimates. Derivatives volume rose about 20.6% to $478.73 billion. The price also neared estimated Antminer S21 shutdown economics around $69,000–$74,000.
Winners, losers and next
Leveraged longs and buyers chasing Friday lost first. Exchanges and stablecoin issuers gained volume and float. Unleveraged holders avoided forced liquidation. The failed Clarity Act vote had already pushed Bitcoin below $75,000 alongside $592 million in ETF outflows; regulatory relief then produced the short rally. Watch ETF flows, miner selling and whether $65,000 attracts spot demand. A fast recovery would show leverage cleared; repeated failures below $70,000 would suggest a deeper repricing.
Sources: CoinStats; Bitcoinist via BTCC; TokenPost. Values vary by venue.