Bitcoin has fallen out of the top 10 global assets by market capitalization, dropping to 11th place amid a major downturn in digital asset markets.

The leading crypto asset’s market cap has declined to approximately $1.67 trillion, placing it behind Meta Platforms at $1.86 trillion, TSMC at $1.76 trillion, and Saudi Aramco at $1.66 trillion, according to CompaniesMarketCap.

Bitcoin was trading at around $87,500 at press time, following a broad risk-off move that hit global markets on Thursday, CoinGecko data shows.

The total crypto market capitalization has fallen to approximately $2.9 trillion, reflecting a 5% loss over 24 hours.

Despite the ranking decline, a recent survey indicates institutional investors view Bitcoin as undervalued at current levels.