The price of Bitcoin fell to a two-month low on Thursday, wavering alongside equities and precious metals as Microsoft’s post-earnings tumble deepened.

The leading digital asset by market cap recently changed hands around $84,400, a 5% decrease over the past day, according to CoinGecko. Altcoins including Ethereum and Solana notched steeper declines, falling 6.4% and 6.8% to $2,800 and $117, respectively.

Crypto liquidations surged, with more than $800 million worth of leveraged positions forcibly closed over the past day, according to CoinGlass. Nearly $700 million worth of losses stacked up for long positions. And a $31 million position was wiped out on Hyperliquid.

Following its blistering past $5,600 per ounce on Wednesday, the price of gold decreased 0.6% to $5,300. Silver meanwhile dropped 0.8% to $112 per ounce.

Microsoft shares fell more than 12% to recently change hands around $422, according to Yahoo Finance. Although the tech behemoth’s second-quarter earnings results surpassed Wall Street expectations, a slowdown in cloud sales growth and CapEx spending sparked investor jitters.

The tech-heavy Nasdaq Composite plunged more than 2%, erasing much of its year-to-date gains. The index hit a record high earlier this week alongside the S&P 500, which fell 1.1%.

The Nasdaq’s decline indicated investors had grown worried about the AI trade, but the drop also coincided with renewed geopolitical tensions between the U.S. and Iran. A midnight deadline meanwhile approached for U.S. lawmakers to avoid a partial government shutdown.

“A massive armada is heading to Iran. It is moving quickly, with great power, enthusiasm, and purpose," President Donald Trump wrote on his Truth Social platform. “Like with Venezuela, it is ready, willing, and able to rapidly fulfill its mission, with speed and violence, if necessary.”

In a Thursday note, Jake Ostrovskis, head of OTC at crypto market maker Wintermute, noted that exchange-traded funds have posted net outflows in recent weeks, muting a source of demand that has largely buoyed Bitcoin’s price since their debut.

“The disconnect between annual inflows and [year-to-date] price performance (negative) underscores that ETF demand alone cannot offset sustained distribution,” he wrote.

U.S.-listed spot Bitcoin ETFs have generated net outflows in eight of the past nine trading days, while bleeding $1.8 billion, according to CoinGlass. Still, the group of 11 products has pulled in more than $56 billion since their debut.

Editor's note: This story was updated after publication with additional details.