Bitcoin Holds Strong: Only 5% Dip as Gold, Silver Markets Tank

Bitcoin showed relative resilience during a broad global market sell-off that affected major asset classes, according to CryptoQuant author Darkfost.

While gold plunged around 8% and silver fell roughly 12%, Bitcoin declined by a more moderate 5%, even as U.S. equities came under pressure.

Key Points

• Bitcoin drops 5% amid global sell-off hitting gold, silver, and stocks.
• Gold and silver fall sharply, while Bitcoin shows relative resilience.
• Nearly $300M in Bitcoin long positions liquidated in derivatives market.
• Binance open interest rebounds 31%, signaling returning risk appetite.

Global Pullback

The pullback unfolded amid significant losses in traditional markets, impacting both the S&P 500 and the Nasdaq.

The catalyst was largely tied to Microsoft, whose stock dropped more than 12% following announcements about its artificial intelligence investments. That decline triggered a domino effect across global markets, spilling over into commodities and crypto.

Liquidations Surge Despite Mild Bitcoin Correction

Notably, Bitcoin’s price dipped from around $85,500 to $81,110, marking its lowest point in 2026. Meanwhile, gold saw a more dramatic fall from its $5,600 peak to $4,959.

Despite Bitcoin’s relatively contained decline, the move was enough to trigger heavy liquidations in the derivatives market. Nearly $300 million in long positions were wiped out within hours.

Hyperliquid recorded the largest share of liquidations, with $87.1 million in long positions erased. Binance, despite handling some of the highest crypto trading volumes, saw significantly lower liquidations of around $30 million. This contrast suggests that leverage concentration, rather than raw volume, played a major role in the cascade.

Updated figures from CoinGlass show that over 190,000 traders were liquidated in the past 24 hours, with losses exceeding $1.37 billion.

Risk Appetite Returns as Binance Open Interest Rebounds

Meanwhile, Darkfost noted that investor risk appetite remains strong, even after the October 10 event that previously caused widespread liquidity and capital destruction. Binance’s data reflects this trend.

Measured in BTC to neutralize price swings, Binance’s open interest has risen to about 123,500 BTC, up from 93,600 BTC before October 10. This marks a roughly 31% increase, showing that leveraged trading is bouncing back.

Overall, while traditional markets dropped sharply, Bitcoin experienced a smaller pullback, and derivatives are recovering quickly. This indicates that traders remain willing to take risks, even in a volatile macro environment.