Thu Sep 25 08:40:00 UTC 2025: **Summary:**

The cryptocurrency market is experiencing a downturn, with Bitcoin and other major cryptocurrencies falling in value. Over $1.7 billion in crypto derivatives were liquidated, primarily from bullish bets. The decline follows the Federal Reserve’s signal of a potential rate cut. Crypto treasury companies, which hold Bitcoin on their balance sheets, are facing pressure, and some have market capitalizations below the value of their Bitcoin holdings. Despite the downturn, a merger has occurred in the bitcoin treasury space, with Semler Scientific being acquired by Strive Inc. Additionally, even with regulatory wins, recent crypto IPOs are also experiencing a decrease.

**News Article:**

**Crypto Market Plunges Below $4 Trillion as Bitcoin, Ether, and Other Assets Tumble**

NEW YORK – The cryptocurrency market is in a sea of red, with the total market capitalization falling below $4 trillion for the first time since Sunday evening. Bitcoin (BTC-USD) is down 3%, while Ether (ETH-USD) has fallen by 6%. Other popular cryptocurrencies like Solana (SOL-USD) and Dogecoin (DOGE-USD) are experiencing even steeper declines.

Overnight, a staggering $1.7 billion in crypto derivatives positions were liquidated, with a majority stemming from bullish bets on rising prices. The largest single liquidation, valued at $12.7 million, occurred on the crypto exchange OKX.

The downturn follows the Federal Reserve’s recent indication that it will likely lower its short-term policy rate, a move that has seemingly triggered a sell-off in the crypto market.

Companies that have added Bitcoin to their balance sheets, known as crypto treasury companies, are feeling the pressure. Several of these companies, inspired by the success of Michael Saylor’s MicroStrategy (MSTR), are seeing their market capitalizations dip below the value of their Bitcoin holdings. Despite recent weakness, MSTR stock has increased 2,200% since it started buying bitcoin in 2020.

However, there is also a recent development, Semler Scientific (SMLR) stock rose 27% following the announcement of its acquisition by Strive Inc. (ASST).

Even newly public crypto companies are not immune to the market slump. Circle (CRCL), Figure (FIGR), Bullish (BLSH), and Gemini (GEMI), which recently launched IPOs, have all experienced a decline in stock value.

While the long-term implications remain to be seen, the current market conditions indicate a period of uncertainty for the cryptocurrency industry.

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