$100M Bitcoin liquidated as BTC drops: Will ETF investors panic sell?

Over $100 million worth of leverage was liquidated in Bitcoin during the past 24 hours, causing concerns about a potential correction to the $50,000 mark.

Bitcoin (BTC) liquidations reached $100.4 million, with over $86 million worth of cumulative leveraged long positions liquidated, according to CoinGlass data. The liquidations were triggered by three consecutive days of negative price action that took Bitcoin price from over $62,000 on July 2 to a low of $57,043 hit at 9:22 am UT on July 4, according to CoinMarketCap data.

In another significant development, Bitcoin fell below the average realized buying price of the spot Bitcoin ETF buyers, or $57,979 — considered a significant support line for BTC analysts.Despite the fall, ETF buyers haven’t started panic selling, as there were only 20.5 million worth of net total outflows on July 3. Grayscale’s ETF accounted for the majority, or $27 million worth of outflows, according to Farside Investors data. However, panic selling of ETFs could still occur after investors return from the Fourth of July holiday, which is Independence Day in the United States, the world's largest economy.The incoming Mt. Gox repayments, expected in early July, could add additional selling pressure for Bitcoin. The Mt. Gox creditor repayments will distribute over $9.4 billion worth of Bitcoin to 127,000 creditors who have been waiting for over 10 years to recover their funds.

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