Crypto market sheds $400 billion of value as bitcoin sell-off intensifies after all-time high
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Bitcoin slid further on Wednesday, briefly dipping below the $61,000 mark after, continuing a sell-off that began after the cryptocurrency hit an all-time high last week.
At around 03:38 a.m. ET, bitcoin had bounced back to trade just over $62,900, down around 2.5% from 24 hours prior, according to CoinDesk data.
Bitcoin has had a stellar run and is up 124% in the past year. The world’s biggest cryptocurrency hit a record high of just under $73,800 last week.
The cryptocurrency’s price has been supported by the launch of the spot bitcoin exchange-traded funds in the U.S. in January, as well as by the upcoming halving — an event written in bitcoin’s code, which effectively slows the supply of the digital coin onto the market. Historically, halving has supported prices.
The value of all digital coins in existence has plunged since bitcoin’s all-time high and was down $210 billion as of Wednesday morning, according to data from Coinmarketcap.
The entire cryptocurrency market has shed around $400 billion of value since the bitcoin all-time high, as other digital assets such as ether and Solana also fell sharply.
Part of the decline is likely profit taking following a sharp rally in cryptocurrencies.
Data from CryptoQuant shows a massive spike in short-term holders selling their bitcoin at a profit on March 12.
“We’ve seen 20-30% pullbacks in previous Bitcoin bull markets as a normal occurrence when things start heating up. And we definitely had many signs over the past week of things heating up quite a bit,” Vijay Ayyar, vice president of international markets and growth at crypto exchange CoinDCX, told CNBC.
Some momentum has come out of the bitcoin ETFs, which recorded a total of $154.4 million of net outflows on Monday, according to BitMEX Research. It was the first time the ETFs recorded net outflows since Mar. 1.
Grayscale Bitcoin Trust, or GBTC, logged $642.5 million of outflows, according to BitMEX Research, while the other ETFs posted modest or flat inflows.
GBTC has been criticized for its higher-than-average fees. However, Grayscale CEO Michael Sonnenshein told CNBC earlier this week that the crypto fund manager expects to bring fees on its Grayscale Bitcoin Trust ETF down in the coming months.
Ayyar said that, if bitcoin were to fall below the $60,000 threshold, the cryptocurrency could weaken further to test the $50,000 to $52,000 level, “which would be our line in the sand for this bull market to sustain going forward.”
– CNBC’s Tanaya Macheel and Ryan Browne contributed to this report.
Meta CEO Mark Zuckerberg wears the Meta Ray-Ban Display glasses, as he delivers a speech presenting the new line of smart glasses, during the Meta Connect event at the company’s headquarters in Menlo Park, California, U.S., Sept. 17, 2025.
Carlos Barria | Reuters
Meta is acquiring artificial intelligence wearable startup Limitless, the companies said Friday.
“We’re excited that Limitless will be joining Meta to help accelerate our work to build AI-enabled wearables,” a Meta spokesperson said in a statement.
Limitless makes a small, AI-powered pendant that can record conversations and generate summaries.
Limitless CEO Dan Siroker revealed the deal on Friday via a corporate blog post but did not disclose the financial terms.
“Meta recently announced a new vision to bring personal superintelligence to everyone and a key part of that vision is building incredible AI-enabled wearables,” Siroker said in the post and an accompanying video. “We share this vision and we’ll be joining Meta to help bring our shared vision to life.”
The world of AI wearables has been slowly growing this year, but no company has landed a standout product.
Meta’s Ray-Ban smartglasses, which have been a surprise hit, have a sprinkling of AI flavor with the inclusion of the company’s AI digital assistant.
There are several wearable devices available that are similar to Limitless.
Friend offers a pendant-style device, Plaud comes in a small card shape or pill that can be clipped on or worn around your neck or on your wrist, and Bee, which is worn on a wristband and was scooped up by Amazon in July.
Amazon also runs AI through its Alexa+ line of Echo Speakers, while Google‘s Pixel 10 phones have the Gemini assistant built in.
WATCH: Meta is visibly seeing a return on investment from AI.
CNBC’s Chris Eudaily contributed to this report.
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