đ„đ„đ„ BITCOIN AND ALTCOINS DECREASED HARD! WHAT ARE THE REASONS?
âĄïž Bitcoin and altcoin market faced a serious decline this morning. Bitcoin rose to $67,000 during the day yesterday, but dropped to $63,800 with a sudden drop at night. Although a clear reason for this decline has not yet been determined, the decline in Ethereum and altcoins appears to be due to outflows in spot Ethereum ETFs.
âĄïž Ethereum is down 7.6% to $3,100 despite the latest ETH ETF launch, while Solana (SOL) is down 1.7%, Dogecoin (DOGE) is 5.5%, BNB is 3.6% and Avalanche (AVAX) is 1.5%. It lost 4.8% of its value. According to SoSoValue data, there was a net outflow of $810 million from Grayscale's ETHE. These outflows are similar to the intense outflows of Grayscale's other large fund, GBTC, in the first weeks after the approval of spot Bitcoin ETFs. BTC price also reacted strongly to the outflows from Grayscale at that time.
Most other ETH ETFs remained in the green zone on Wednesday. BlackRock's ETHA led with an inflow of $283.9 million, while Bitwise's ETHW followed with an inflow of $233.6 million and Fidelity's FETH followed with an inflow of $145.7 million.
âĄïž These declines caused many long positions to be liquidated. According to Coinglass data, leveraged transactions worth $292 million were liquidated in the last 24 hours. Of these, $259 million consisted of long positions and $33 million consisted of short positions. While 73,612 investors were liquidated in the last 24 hours, the largest single liquidation order was on Binance for the BTC/USDT trading pair and was valued at $11.78 million.
đ„đ„đ„ This volatility in the crypto market requires investors to be careful. It is important for investors to be prepared for such fluctuationsâŒïž
