⛔ BITCOIN HITS 1-MONTH LOW AS ALTCOIN SELL-OFF TRIGGERS $455 MILLION CRYPTO LIQUIDATION ⛔⛔
Bitcoin's (BTC) price dropped to a one-month low following significant outflows from its spot exchange-traded funds (ETFs) and a major altcoin sell-off. The recent market movements have resulted in substantial liquidations across various cryptocurrencies.
📉 Market Impact:
Bitcoin's price fell to around $64,500 during early Asian trading hours, down from a surge to $67,000. Other major cryptocurrencies, including Ethereum (ETH), Solana (SOL), and Toncoin (TON), also experienced significant declines, each losing over 3%.
Markus Thielen, founder of 10x Research, explained that the recent drop in altcoin prices was expected due to last week’s significant token unlocks. Digital assets such as Aptos, IMX, Starknet, SEI, and Arbitrum had unlocks totaling $483 million, which pressured venture capital investors to cash out.
Altcoin Volumes and Funding Rates: Altcoin volumes in Korea crashed, leading to a drop in funding rates and a slowdown in Bitcoin ETF flows.
Market Surprises: Despite weak inflation data, Bitcoin's failure to rally was surprising, although the Ethereum and altcoin crash was somewhat predictable.
💥 $455 Million Liquidated:
According to Coinglass data, recent price movements have led to $455 million in liquidations across all assets from over 172,000 crypto traders in the past day.
Long vs. Short Liquidations:
Long Traders: Lost $393 million
Short Traders: Lost $62 million
Ethereum Losses:
Total Losses: $92 million (20% of total losses)
Long Liquidations: $75 million
Short Liquidations: $16 million
Bitcoin Losses:
Long Liquidations: $47.43 million
Short Liquidations: $22.71 million
Other Large-Cap Cryptocurrencies:
Solana: $18 million
XRP: $4 million
Dogecoin: $60 million
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When there is blood in the street, it's usually good to buy :) That's what they say.
