150$ Billions Liquidations ! Why $BTC Bitcoin Falling ?
Bitcoin price fell nearly 5% from the intraday high of $64,734 after the market participants shrug off spot Bitcoin and Ether ETFs launch in Hong Kong. The selloff momentum took BTC price even lower than yesterday’s price due to high leverages in anticipation of a relief rally. However, the crypto ETFs debut in Hong Kong was disappointing for the market.
Moreover, the U.S. Spot Bitcoin ETFs have recorded the fourth consecutive day of outflow with over $51 million drained out. The crypto investment products registered three consecutive weeks of outflows, with the largest outflow of $435 million in recent weeks.
Bitcoin Price Slips After Disappointing Hong Kong ETFs Debut
Six spot Bitcoin and Ethereum ETFs in Hong Kong recorded only $12 million in trading volume on day 1, which is 383 times lower than U.S. Bitcoin ETFs debut.
Immediately after the tepid volume day on ETFs, traders started shorting Bitcoin price. Coinglass reported the shorting of Bitcoin positions, causing BTC price to drop suddenly to a low of $61,451. This triggered a wider selloff in the crypto market and investors lost nearly $150 billion as the crypto market cap dropped to $2.24 trillion.
