Gate Research: Crypto Market Sees Over $1.7B in Daily Liquidations｜AIC Surges Over 71% Against the Trend

Crypto Market Overview

• BTC (-1.79% | Current Price: 112,336 USDT): On September 22 at around 11:20, BTC held sideways above $114,000 before dropping sharply, touching a low near $111,700, with an intraday decline of more than 2%. The price then entered a consolidation phase, with several rebound attempts failing to break back above $113,000. Overall, the sell-off with high volume shows bears are in control in the short term. If BTC fails to reclaim the $112,500–113,000 range soon, it risks further downside. Conversely, if it can stabilize above $112,800 with strong volume, a corrective rebound could emerge.
• ETH (-2.78% | Current Price: 4,180 USDT)：Around 11:25 on September 22, ETH was trading near $4,300 before quickly dropping to as low as $4,130, showing a heavy-volume decline. Afterward, ETH entered a weak rebound and consolidation, with multiple failed attempts to stand above $4,200. Overall, ETH faces strong selling pressure near $4,300, leaving bears in control in the short term. If ETH cannot reclaim and hold $4,200, it may continue testing support, with attention on the $4,100 zone.
• Altcoins: Most major altcoins recorded minor declines. Market sentiment remained “neutral” to “buy,” but the Fear & Greed Index dropped to 43, still in the “fear” zone, reflecting a more pessimistic mood after today’s decline.
• Macro: On September 22, the S&P 500 rose 0.44% to 6,693.75, the Dow Jones gained 0.14% to 46,381.54, and the Nasdaq rose 0.70% to 22,788.98. As of 3:40 AM (UTC) on September 23, spot gold was trading at $3,743 per ounce, down 0.11% in the past 24 hours.

Trending Tokens

AIC – AI Companions (+71.25%, Circulating Market Cap: $227M)

According to Gate data, AIC is trading at $0.2243, up 71.25% in the past 24 hours. AI Companions integrates advanced AI, VR, and blockchain to provide personalized and immersive digital companion experiences. Powered by $AIC, users can create and customize companions that learn and evolve with personal preferences. Combining AI-driven personalization with decentralized blockchain tech, the platform enables purchases, upgrades, exclusive content, and subscriptions. Positioned at the intersection of AI and VR, AIC aims to redefine digital relationships in a rapidly growing market.

AIC’s sharp rally was mainly fueled by its buyback-and-burn program alongside hype around the AI + virtual companion narrative, which attracted concentrated inflows. Rising trading volume also reflected bullish sentiment, further supporting price momentum.

0G – 0G (+51.35%, Circulating Market Cap: $1.21B)

According to Gate data, 0G is trading at $6.05, up 51.35% in 24 hours. 0G is the largest Layer-1 blockchain network designed for artificial intelligence. Its decentralized AI operating system delivers unmatched performance with transparency, privacy protection, verifiability, and community governance, cutting operating costs by 90% compared to centralized black-box systems.

This rally was mainly driven by the launch of its Aristotle mainnet and simultaneous listings on multiple exchanges, combined with strong financing progress and recognition as a high-performance Layer-1, which attracted both capital and market attention.

BLUE – Bluefin (+30.58%, Circulating Market Cap: $33.11M)

According to Gate data, BLUE is trading at $0.1075, up 30.58% in 24 hours. Bluefin is a decentralized spot and derivatives exchange built on the Sui blockchain, backed by Polychain, SIG, Brevan Howard, and other leading firms. It is the largest protocol on Sui by trading volume, surpassing $39B in cumulative trades since its launch in September 2023.

The recent price surge appears linked to renewed investor interest in its community NFT background (e.g., the “inBetweeners” bear collection) and slight short-term liquidity improvements. However, overall trading volume remains relatively small, with little evidence of major fundamental catalysts, suggesting sentiment-driven momentum.

Alpha Insights

Crypto Market Sees $1.7B in Liquidations in a Day

In the past 24 hours, the crypto market witnessed over $1.7 billion in liquidations, with long positions suffering the most. Bitcoin briefly dipped below $112,000, triggering widespread margin calls, while Ethereum saw $480M in liquidations, the hardest hit among major assets. XRP, Solana, and other top altcoins also faced concentrated liquidations, showing how high leverage was flushed out in a short span.

Despite near-term bearish pressure, analysts note this was largely a leverage washout rather than a fundamental trend reversal. If Bitcoin can reclaim key support zones, momentum may return. Still, rising volatility will continue to test investor patience, while risks from leveraged positions remain high.

Metaplanet Becomes Fifth-Largest Public Bitcoin Holder

Japanese listed firm Metaplanet purchased 5,419 BTC for $632M at an average price of $116,724, boosting its total holdings to 25,555 BTC worth around $2.71B. This makes it the fifth-largest publicly listed Bitcoin holder, surpassing Bullish. Year-to-date, Metaplanet’s Bitcoin portfolio has gained 395.1%, and the firm aims to expand reserves further with $1.4B in newly raised funds.

Meanwhile, Capital B added 551 BTC worth $64.3M, raising its total reserves to 2,800 BTC. Despite the large buys, share prices of both firms declined, with Metaplanet down 3% to ¥589 and Capital B down 1% to €1.14. Both remain sharply below their historical highs, down 73% and 81% respectively.

Gold Hits Record High as Bitcoin Declines, Signaling Capital Rotation

On Monday, Bitcoin fell 3% in 24 hours to $112,000, while gold rose 1% an hour later to a record $3,721, bringing its 2025 gain to 43%. Silver also gained 1.5% to near $44, marking a 50% rise this year and its third-highest level since 1975.

Analysts suggest the timing points to profit-taking in Bitcoin rotating into safe-haven metals. While the two assets occasionally move together, the current divergence is more pronounced, reflecting shifting investor preferences amid macro uncertainty.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• Defillama, https://defillama.com/revenue/chain/solana
• Cryptorank, https://cryptorank.io/news/feed/10173-crypto-hit-by-1-7-billion-in-liquidations-heres-what-traders-need-to-expect-next?utm_source=chatgpt.com
• Coindesk, https://www.coindesk.com/markets/2025/09/22/metaplanet-becomes-fifth-largest-listed-bitcoin-holder-with-usd632m-btc-buy
• Coindesk, https://www.coindesk.com/markets/2025/09/22/gold-rallies-an-hour-after-bitcoin-drops-suggesting-a-profit-rotation-into-metals

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.