New Delhi: Bitcoin, the world’s largest cryptocurrency, is facing heavy selling pressure, falling to a six-month low and trading close to the $90,000 mark on Tuesday. 

The extent of the slump is evident from the fact that Bitcoin has now erased all the gains it made in 2025.

From its October peak of $126,000, the cryptocurrency has plunged nearly 30 per cent.

The sharp decline has dragged Bitcoin’s market cap below the $2 trillion level once again.

Vikram Subburaj, CEO of Giottus.com, said Bitcoin’s downtrend has continued relentlessly, wiping out the entire rally of 2025.

According to him, selling pressure is visible across derivatives as well as exchange-traded products (ETFs).

Bitcoin ETF outflows have surged to $815 million, taking the total outflow this week to almost $2 billion.

Subburaj added that strong US manufacturing data has reduced the likelihood of a rate cut in December, prompting investors to turn cautious. Even after the US government shutdown ended, selling pressure in Bitcoin has persisted.

Scene at large

The broader crypto market has mirrored Bitcoin’s decline. Ethereum has slipped below the $3,000 mark, Solana has dropped more than 20 per cent this week, and XRP has fallen 16 per cent.

Overall, the global crypto market cap has fallen nearly 6 per cent on a weekly basis.

Avinash Shekhar, CEO and co-founder of Pi42, said ETF outflows, increased short positions by large investors, and declining liquidity have turned a steady correction into a steep downturn.

"ETF outflows, whale-driven short positioning, and thinning liquidity have turned a routine correction into a deeper drawdown," market watchers said.

Apart from Bitcoin, Ethereum has also fallen below its important support level of $3,000, which shows that it may be entering a bearish phase.

BNB has dropped under $900, Solana is moving towards $130, Dogecoin is around $0.15, and Cardano is near $0.45.

Meanwhile, XRP is still holding strong above $2.11, and Chainlink is trading above $13.11.