Bitcoin suffered a brutal selloff on March 10, 2025, plunging more than 8% to touch $78,112 — its lowest level in weeks — as a perfect storm of macroeconomic headwinds and on-chain selling pressure converged to crush market sentiment. Yet in a move that has become his trademark during market downturns, Strategy chairman Michael Saylor unveiled a massive $21 billion capital raise dedicated to Bitcoin acquisitions, sending a powerful counter-signal to the bears.
TL;DR
- Bitcoin drops over 8% to $78,112, extending weekly losses to nearly 12%
- Hawkish Fed expectations and strong jobs data trigger risk-off across crypto
- Ethereum falls below $1,900, altcoins post double-digit losses
- Strategy announces $21 billion ATM stock offering for Bitcoin purchases
- Saylor presents $100 trillion digital asset strategy at White House Summit
- Bybit hacker moves hundreds of millions in stolen Bitcoin, adding selling pressure
The Sunday Selloff: What Drove Bitcoin Below $79K
The selling pressure began building over the weekend and accelerated sharply on Sunday, March 9, spilling into Monday morning trading. Bitcoin tumbled from the mid-$85,000 range to touch an intraday low of $78,112, marking one of the steepest single-day declines in 2025. At press time, BTC struggled to reclaim the $79,000 level, with weak buying demand suggesting further downside risk.
The trigger was multifaceted. The latest U.S. Nonfarm Payrolls report came in stronger than expected, signaling persistent inflationary pressures in the economy. This data point reinforced expectations that the Federal Reserve would maintain its hawkish stance on interest rates, reducing the appeal of risk assets like Bitcoin. Capital flowed out of cryptocurrencies and into fixed-income instruments as investors recalibrated their portfolios for a higher-for-longer rate environment.
Compounding the macro pressure, on-chain data revealed significant movement from wallets connected to the Bybit hacker. The attacker executed multiple transactions cashing out hundreds of millions of dollars worth of stolen Bitcoin, creating visible selling pressure that spooked already-nervous short-term traders. The combination of macro headwinds and visible on-chain selling created a feedback loop of liquidations and forced selling.
Broad Market Carnage: ETH and Altcoins Hit Harder
The selloff was not limited to Bitcoin. Ethereum suffered an even steeper decline, falling below $1,900 and deepening its year-to-date loss to nearly 37%. The ETH/BTC ratio continued to deteriorate, reflecting growing concern about Ethereum’s competitive position and the pace of network development relative to its market valuation.
Altcoins bore the brunt of the risk-off sentiment. Solana dropped nearly 17% on the week, Avalanche plunged 17.3%, and Cardano suffered a 20.5% weekly decline. The meme coin segment was devastated, with WIF losing 35.7% and PEPE falling 23.5%. Even established DeFi tokens and infrastructure plays posted losses exceeding 20%, signaling a broad-based liquidation event rather than sector-specific selling.
According to CF Benchmarks data, the CF Large Cap Index (Diversified Weight) fell 11.75% for the week, pushing its year-to-date loss to 23%. Small-cap tokens underperformed large-caps as risk appetite evaporated across the board.
Saylor’s $21 Billion Counter-Attack
Amid the market chaos, Strategy (formerly MicroStrategy) filed with the SEC to raise up to $21 billion through the issuance of its 8.00% Series A Perpetual Strike Preferred Stock. The at-the-market (ATM) program will be conducted through twelve financial institutions, including TD Securities, Barclays Capital, and Cantor Fitzgerald, with shares sold gradually on the Nasdaq under the ticker STRK.
The proceeds will be used primarily for Bitcoin acquisitions — a bold move during a period of significant price weakness. Saylor’s strategy of buying during dips has proven remarkably successful over the long term, with Strategy’s Bitcoin holdings now representing one of the largest corporate treasuries in the world. The $21 billion raise, if fully deployed, would represent one of the largest single-company Bitcoin purchase programs in history.
The preferred stock structure offers flexibility for institutional investors, as the shares are convertible into Strategy’s Class A common stock. This design potentially broadens the investor base beyond crypto-native buyers to include traditional finance institutions seeking exposure to Bitcoin through a regulated equity instrument.
White House Summit: Saylor’s $100 Trillion Vision
Beyond the corporate treasury play, Saylor also presented an ambitious digital asset strategy at the White House Digital Assets Summit. His framework projected that the United States could unlock up to $100 trillion in economic value over the next decade by establishing clear regulatory frameworks for cryptocurrencies. Saylor categorized digital assets into distinct classes, arguing that regulatory clarity would unleash innovation and capital formation across the sector.
The presentation came at a time when the crypto industry is actively lobbying for comprehensive legislation in Washington. With multiple bills pending in Congress addressing stablecoins, market structure, and digital asset classification, Saylor’s high-profile appearance at the White House underscored the growing mainstream acceptance of Bitcoin as a strategic asset class.
Technical Outlook: Death Cross Looms
From a technical perspective, Bitcoin’s price action painted a concerning picture. The 12-hour chart showed the formation of a Death Cross pattern — where a short-term moving average crosses below a longer-term moving average — typically associated with continued downside momentum. Key support levels were being tested, with traders watching the $78,000 zone closely as a breakdown below it could trigger cascading liquidations.
However, Bitcoin’s decline also brought it closer to historically strong accumulation zones. Previous drawdowns of this magnitude during bull cycles have often been followed by sharp recoveries, particularly when accompanied by strong institutional buying — precisely the signal Saylor’s $21 billion program sent to the market.
Why This Matters
March 10, 2025, crystallizes a defining tension in the Bitcoin market: macro headwinds and short-term selling pressure versus relentless institutional accumulation. While traders panic-sell on Fed fears and hacker liquidations, Saylor and Strategy are preparing to deploy billions at discounted prices. This divergence between short-term fear and long-term conviction is the engine that has driven every major Bitcoin cycle. Whether the current selloff marks a local bottom or the beginning of a deeper correction remains to be seen — but the $21 billion war chest being assembled suggests that at least one major player is betting heavily on the former.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research before making any investment decisions.
8% in a day and Saylor immediately announces a $21B buy lmao the man is unstoppable
Saylor presenting a $100 trillion strategy at the White House Summit while BTC dumps 8% is peak crypto theater
The Bybit hacker moving stolen BTC on top of the NFP data was a double punch nobody needed. No wonder we hit $78k.
ETH under $1,900 with double digit altcoin losses. the higher-for-longer rate narrative is crushing everything not named BTC
^ ETH has been bleeding way harder than BTC this cycle. the ratio keeps deteriorating