Former International Monetary Fund (IMF) economist and veteran macro trader Mark Dow has delivered a scathing assessment of the digital asset market following a turbulent session for Bitcoin (BTC). On Thursday, June 25, 2026, Bitcoin plunged from $61,000 to $58,000 in a single morning, reaching a yearly low of $58,887.
Mark Dow, who famously shorted the 2017 market peak, characterized the downturn with the phrase “No grifter left behind.”
Mark Dow roots for total destruction of crypto
The veteran trader explicitly targeted high-profile promoters, specifically naming American businessman Grant Cardone. Mark Dow argued that Grant Cardone “shilling” the asset to retail audiences served as a definitive market top. He remarked that investors should remember the individuals who built their wealth by selling the cryptocurrency narrative to the public just before the latest collapse.
The former IMF official has not hidden his desire for a deeper correction, previously stating he is rooting for the total destruction of the industry. Mark Dow believes the flagship cryptocurrency has no intrinsic value and has been propped up by “moronic fearmongering of monetary policy.”
He views a “total collapse” as a necessary penalty for those who utilized deceptive marketing tactics to lure in inexperienced capital.
Key details
Market data from June 25 underscores the intensity of the selling pressure. A Bitcoin flash crash wiped out $48 billion from its valuation in approximately 25 minutes. Beginning around 3:30 PM, the market capitalization fell from $1.225 trillion to $1.177 trillion.
This volatility follows a broader trend where crypto liquidations rise alongside shifting macro signals, leaving the total market cap down 54% from its October 2025 peak.
The price action on Thursday represents a Significant retreat from the all-time high of $126,198 recorded on October 6, 2025. By mid-morning on June 25, Bitcoin was trading near $59,315, a drop of roughly 53% from that peak. While it recovered slightly to $61,800 later in the day, the session was defined by an aggressive “long squeeze” that caught many leveraged traders off guard.
Staggering liquidations as long positions are wiped out
The carnage in the derivatives market reached nearly $1 billion in total liquidations over the 24 hours leading up to June 25. Data indicates that more than $780 million of those losses came from long positions. Bitcoin liquidations alone exceeded $413 million, while Ethereum (ETH) saw more than $226 million in forced closures.
ETH reached a low of $1,600 during the rout before stabilizing around $1,650.
This massive flushing of leverage follows a particularly brutal month for speculative positions. Between June 4 and June 6, 2026, over $3 billion in leveraged positions were forcibly closed across crypto derivatives markets. In the worst single session during that window, long traders accounted for nearly 85% of all BTC liquidations.
Key details
Current Bitcoin price analysis shows the asset struggling to find firm footing amid weak institutional demand.
The downturn has hit the altcoin sector even harder than the market leader. On June 25, MemeCore (M) was the worst performer among the top 100 assets, losing nearly 76% of its value in just 24 hours. Conversely, Hyperliquid (HYPE) showed resilience as the best performer in the top 10, gaining more than 3%.
The broader market remains gripped by “extreme fear,” with the Crypto Fear and Greed Index falling from 17 to 12.
Mark Dow provides historical perspective on market tops
Mark Dow’s skepticism is rooted in a history of successful anti-crypto bets. After shorting the 2017 peak, he held his position until December 2018, closing it only after Bitcoin had fallen more than 80%. His current critique centers on the idea that promoters like Grant Cardone create a mirage of “generational wealth” to facilitate exit liquidity for early players.
The causes for the June 2026 crash are multifaceted, according to market reports. Analysts point to a capital rotation out of digital assets and into AI-related equities, as well as record outflows from spot Bitcoin ETFs. With Bitcoin stabilized near $60,700 during early European hours, the industry is entering a period of soul-searching that Mark Dow believes is long overdue. He insists the industry must be punished for promising wealth while lacking real utility.