Key Takeaways
- Today, the crypto market declined by 5.88%, led by Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), which fell 5.75% and 6.80%, respectively.
- The market downturn was potentially triggered by a surge in Japan’s 10-year government bond yields, which rose to 1.84%, reaching their highest level since April 2008.
- Amid the market drop, traders holding long leveraged positions were hit the hardest, losing $865 million worth of positions.
The crypto market witnessed another sharp hit after October 10, 2025, as it plunged 5.98% today. The decline was led by major assets—Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB)—which recorded downside moves of 5.10%, 5.75%, and 6.80%, respectively.
With today’s drop, the crypto market has now erased more than 30%, falling to $2.92 trillion so far.
Bitcoin recently rebounded over 15%, rising from $80,636 to $93,079 between November 21 and November 27, 2025, but failed to sustain the momentum. Today, BTC is trading at $85,800, down 5.10%.
Factors Behind the Crypto Market Decline
The key catalyst behind the market’s decline appears to be Japan’s 10-year government bond yield, which just hit 1.84%, its highest level since April 2008. Additionally, Japan’s 30-year yield reached 3.40%. After 30 years of zero rates, the world’s largest creditor is bringing $1.19 trillion back home. The free-money era has ended, and the Great Normalization has begun. The sudden surge in yields reflects renewed expectations of a rate hike by the Bank of Japan.
Recently, a financial analyst noted that the Bank of Japan kept rates negative while every other central bank tightened. They defended yield-curve control even as inflation returned, and they continued printing while others drained liquidity.
The report further highlights that Japanese institutions hold approximately $1.1 trillion in U.S. Treasury securities—the largest foreign position. When domestic yields rise from nearly nothing to almost 2%, the math changes. Capital that flowed outward for decades now faces pressure to return home.
This shift comes precisely as the Federal Reserve ends QT, as the U.S. Treasury requires record issuance to finance $1.8 trillion deficits, and as interest on American debt surpasses $1 trillion annually.
Another catalyst strengthening the bearish momentum is the move by asset management giant BlackRock, which dumped 2,156 BTC, worth $186 million, onto Coinbase Prime. In the crypto market, transfers of assets from institutions to exchanges are often seen as a sell-off indicator, and retail traders frequently follow the footsteps of these large players who influence overall market direction.
Besides all these factors, another key catalyst failing to lift upward momentum is the decline in capital inflows into the crypto market. According to on-chain analytics platform Glassnode, capital inflows have dropped from $60 billion to $10 billion over the past month.
Here’s What Happened After the Crypto Crash
With today’s market drop, crypto traders have lost $949 million worth of leveraged positions over the past 24 hours, with most of the liquidations coming from the long side, according to on-chain analytics tool Coinglass.
The data further shows that traders with long positions were hit the hardest, liquidating $865 million worth of long leveraged positions. In contrast, only $83.97 million worth of short leveraged positions were liquidated during the same period.
Also Read: BTC Eyes $85K as Tether Turmoil Pressures Crypto before U.S. Data!
