Crypto markets shed more than $75 billion in a single Monday morning session across Asia as traders pivoted to a packed U.S. macro calendar headlined by Fed Chair Jerome Powell, GDP revisions and the key PCE inflation print.
TLDR KEY POINTS
- Total crypto market cap dropped from roughly $4.1 trillion to under $4.03 trillion during Monday’s Asia session, with BTC falling to about $114,300.
- Powell’s Economic Outlook appearance was confirmed for Tuesday, September 23, 2025, not Monday as some headlines suggested.
- BEA data releases on Thursday (GDP) and Friday (PCE) rounded out the week’s macro risk calendar.
Monday’s Asia Sell-Off Reset the Week
Total crypto market capitalization had hovered near $4.1 trillion over the weekend before more than $75 billion exited during Monday morning trading in Asia. The move came after Bitcoin failed to clear $118,000 late the prior week, a rejection that set the stage for a swift unwind.
BTC dropped back to roughly $114,300 on the reversal, echoing the kind of sharp intraday liquidation pressure seen in previous flash crashes. Ethereum fared worse on a percentage basis, sliding 4% and falling back below $4,300 during the same window.
The sell-off shifted attention from spot momentum to the macro calendar. With Powell, GDP and PCE all scheduled within the same five-day stretch, traders had little room to hold leveraged positions comfortably.
Powell on Tuesday, GDP on Thursday, PCE on Friday
Several market previews placed Powell’s appearance on Monday, but the Federal Reserve’s official speeches page listed Chair Jerome H. Powell’s “Economic Outlook” talk at the Greater Providence Chamber of Commerce 2025 Economic Outlook Luncheon for Tuesday, September 23, 2025, in Warwick, Rhode Island.
The distinction mattered. Monday’s sell-off occurred before Powell had said a word, meaning the price action was positioning, not reaction. Any hawkish or dovish signal from the Tuesday appearance risked amplifying the move already underway.
On Thursday, September 25, the Bureau of Economic Analysis was set to release its third estimate of Q2 2025 GDP alongside GDP-by-industry and revised corporate profits data. The prior estimate had put annualized growth at 3.8%, a figure that shaped rate-cut expectations heading into Q4.
Friday, September 26, brought the Personal Income and Outlays report for August 2025, which includes the PCE price index, the Fed’s preferred inflation gauge. For crypto, PCE mattered because a hotter-than-expected print could delay further rate cuts, tightening the liquidity backdrop for risk assets including Bitcoin miners already operating on thin margins.
BTC and ETH Levels Traders Were Watching
Bitcoin’s failure at $118,000 and subsequent drop to $114,300 defined the near-term range. A sustained move below $114,000 would have opened the door to a deeper pullback, while reclaiming $118,000 on a daily close would have signaled that the Monday flush was absorbed.
Ethereum’s slide below $4,300 put the token back near levels where buyers had stepped in during prior macro-driven dips. A 4% single-session drop in Asia hours, before U.S. markets opened, suggested that leveraged long positions were the primary casualty rather than spot holders.
With the geopolitical headline risk that had driven BTC higher the prior week fading, the macro calendar became the dominant driver. Powell on Tuesday set the tone; GDP on Thursday tested the growth narrative; PCE on Friday delivered the inflation verdict. Traders who survived Monday’s flush without liquidation faced three more catalysts before the weekend.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
