Crypto investors lost almost $200 million in the last 24 hours as the week's sell-off intensified over the weekend.
Bitcoin dropped below $60,000 on Sunday morning in the U.S. as a market downturn extended into its fourth day, leading to nearly $200 million in losses for bullish futures bets in the past 24 hours. Meanwhile, Ether (ETH) also fell below $2,900, erasing all the gains from its rise to $3,400 in July, despite the approval of spot ETH exchange-traded funds (ETFs) for trading in the U.S.
According to CoinGecko data, Bitcoin (BTC) dropped 4% in the last 24 hours, hitting a three-week low of $59,400. Major cryptocurrencies like Solana (SOL) and Dogecoin (DOGE) saw declines of over 9%, while BNB Chain's BNB, XRP, and Cardano's ADA fell by at least 6%. Toncoin (TON) performed relatively better, with only a 1.8% loss. Ether (ETH) dropped below $2,900, wiping out gains from its climb to $3,400 in July, even after spot ETH exchange-traded funds (ETFs) were approved for U.S. trading.
These ETFs have experienced net outflows on six out of nine trading days, with total net outflows reaching $510 million since their launch, according to SoSoValue data. The broader CoinDesk 20 (CD20) index, which tracks the largest non-stablecoin tokens, decreased by 5.73%.
According to CoinGlass data, bullish futures bets suffered nearly $200 million in losses as over 97,000 traders were liquidated in the past 24 hours due to sudden market movements. ETH longs were the hardest hit, with $55 million in losses, followed by bitcoin longs at $43 million. On Friday, some traders had warned of a potential drop in BTC to the $55,000 level, citing geopolitical tensions in the Middle East and a reduced appetite for risk assets, including technology stocks.