Bitcoin Leads Crypto Sell-Off as $15B Expiry and Macro Pressure Hit

The crypto market experienced a sharp decline today, losing over 3% within a few hours. Bitcoin dropped to a two-week low near $65,600 and is now trading around $66,000. Ethereum, XRP, Solana, and Avalanche also fell by about 5%. Market sentiment has shifted to extreme fear, with the fear index at 23.

This decline is mainly due to rising U.S. Treasury yields. The 10-year yield is approaching 4.5%, its highest since July. Higher yields tend to draw investors toward safer assets like bonds, which adds pressure on riskier assets such as cryptocurrencies.

Meanwhile, the U.S. Dollar Index has risen to 100.148. A stronger dollar often leads to lower crypto prices because it restricts global liquidity. The MOVE Index also jumped 18% in one day, signaling growing stress in financial markets.

Geopolitical tensions in the Middle East have increased uncertainty, creating a cautious atmosphere where traders tend to avoid volatile assets like crypto.

Another key factor is the large options expiry today. Around $15.58 billion in Bitcoin and Ethereum options are expiring — about $14 billion in Bitcoin and $2.2 billion in Ethereum. Such expiries usually trigger sudden price swings as traders adjust their positions.

Liquidations have intensified the decline. Over the past 24 hours, more than 122,000 traders faced liquidation, totaling roughly $451 million. The largest single liquidation was a $3.96 million BTC position on Hyperliquid. When long positions get liquidated, it adds selling pressure and accelerates price drops.

Institutional demand is also weakening. Bitcoin ETFs have seen outflows this week, especially from BlackRock, followed by Fidelity and Bitwise. This suggests big investors are reducing exposure amid the uncertain environment.

Currently, Bitcoin is fluctuating around $66,500 and Ethereum around $1,990, but the market continues to face downward pressure.

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