Liquidations knock Bitcoin out of world’s top 10 assets

Bitcoin’s sharp reversal this week has pushed it outside the world’s 10 largest assets by market capitalization, underscoring how difficult price action has been in recent months as markets continue to digest the cryptocurrency industry’s largest forced liquidation on record.

Hovering around $83,000 per coin, Bitcoin’s (BTC) market capitalization has slipped to about $1.65 trillion, ranking it 11th globally. That places it just behind Saudi Aramco, the state-run oil giant, and below Taiwan Semiconductor Manufacturing Co. (TSMC), according to market data trackers.

By contrast, gold has surged to the top spot by a wide margin following a record-breaking rally, cementing its position as the world’s largest asset. The gains have been accompanied by explosive growth in gold futures activity, a trend highlighted in recent data by cryptocurrency exchange MEXC.

Bitcoin’s market capitalization peaked at nearly $2.5 trillion in October, when prices briefly topped $126,000. The latest sell-off was driven by about $1.6 billion in long liquidations, as prices rapidly fell to below $82,000 from near $90,000. 

The move has reignited concerns that the world’s largest cryptocurrency may be in the early stages of a prolonged bear market.

Related: Behind the ‘Bitcoin lottery’ myth: NiceHash clarifies untagged BTC blocks

Bitcoin’s violent sell-off added another layer of uncertainty to digital asset markets, unfolding amid speculation that US President Donald Trump was considering crypto-friendly Kevin Warsh to replace Federal Reserve Chair Jerome Powell.

Trump later confirmed Warsh’s nomination, formalizing what had earlier circulated as market speculation. Warsh needs Senate confirmation before he assumes the role of Fed leadership when Powell’s term expires in May.

Even so, Bitcoin has significantly underperformed other assets, lagging both risk-associated markets such as equities and traditional havens like gold, despite conditions that might otherwise be supportive, including a sharply weaker US dollar.

A recent analysis by market maker Wintermute argued that 2025 could mark a decisive break from Bitcoin’s traditional four-year price cycle, challenging one of the market’s most enduring narratives. However, the firm said the outlook for a broader recovery in 2026 remains highly conditional.

According to the analysis, a sustained, market-wide rebound would likely hinge on several factors, including expanded mandates from exchange-traded funds and digital-asset treasury companies, as well as a return of sustained inflows into Bitcoin and Ether (ETH).

Wintermute said those inflows, rather than short-term price moves alone, would be needed to generate a wealth effect that could spread to the broader crypto market.

Related: Crypto’s 2026 investment playbook: Bitcoin, stablecoin infrastructure, tokenized assets