Bitcoin Capitulates Below $70K; Gemini Exits Europe in ‘Sell at Any Price’ Rout
Bitcoin erases all post-election gains as Gemini’s market exit and $2.6B in liquidations trigger a confidence crisis.
The psychological floor has collapsed. Bitcoin is trading at $66,750 (-11%), obliterating the entire “Trump bump” from November 2024 and pushing the asset into a fresh bear market. The drop marks a 50% retracement from the $126,000 peak seen in October 2025, validating fears that the post-election supercycle has officially inverted.
Institutional Exhaustion
This isn’t a retail flush. The selling pressure is structural. Wintermute strategist Jasper De Maere described the action as a “sell at any price” rout, noting that liquidity evaporated as order books thinned out on major exchanges. The confidence crisis was exacerbated by Gemini’s sudden announcement that it will shutter operations in the UK, Europe, and Australia by April 2026, a move that signals a significant retreat for the Winklevoss-owned exchange.
The crypto market still looks tired, as there is no one willing to step in at these levels. Jasper De Maere, Wintermute
The Numbers
Leverage was punished instantly. Data providers tracked over $2.6 billion in liquidations over the weekend, a cascade reminiscent of the 2022 FTX collapse. Unlike previous dips, spot ETF flows provided no backstop; issuers recorded $545 million in outflows this week alone. With the $70,000 “line in the sand” breached, traders are now eyeing the $60,000–$63,000 band. If that fails, the market faces a vacuum of support not seen since early 2024.
