The sudden 5% drop in Bitcoin price on Tuesday caused traders with leveraged exposure to cryptocurrencies to lose more than $165 million in less than 2 hours. According to TradingView data, Bitcoin fell from $69,450 to $65,970 in less than 30 minutes. CoinGlass data shows that Bitcoin's sharp decline saw more than $165 million lost in leveraged positions, with most of the losses made up in Bitcoin long positions of more than $50 million and Ether long positions of more than $40 million. Meanwhile, Bitcoin ETFs recorded net outflows of $86 million, breaking a four-day streak of positive inflows.

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