The entire market crashed, and more than 75,000 people were liquidated!

On September 4, the market showed that Bitcoin fell by more than 5% in the past 24 hours, and then recovered some of its losses. As of press time, Bitcoin fell by more than 4% to $56,563 in the past 24 hours. Other major tokens such as Ethereum also fell sharply.

It is worth mentioning that on September 3, 12 spot Bitcoin exchange-traded funds (ETFs) had a cumulative net outflow of US$287.8 million, setting a record for the largest single-day outflow in the past four months. Among them, Fidelity's FBTC led the outflow, with an outflow of US$162.3 million.

Last month, after the US July non-farm payrolls data fell sharply below expectations, the price of Bitcoin fell by more than 14% to US$57,000 in the week ending August 4, suffering the largest single-week drop since the collapse of the FTX exchange in 2022. On August 5, the price of Bitcoin even fell below US$49,000.

The U.S. August non-farm payrolls data will be released this Friday, and traders are closely watching the data to see if the economy is slowing further. The cryptocurrency market is very worried about the scene in early August repeating itself.

Sean McNulty, head of trading at liquidity provider Arbelos Markets, said that in the options market, demand for hedging against Bitcoin's decline is picking up, both for the period after the upcoming U.S. employment data and for the period after the November presidential election. He said: We are seeing a resurgence of downside buying interest in Bitcoin options, especially for price data of $55,000 and below.

Net outflows of spot Bitcoin ETFs hit a 4-month high

The trend of the cryptocurrency market opening towards a cautious style has also been reflected in the continued outflow of funds from Bitcoin exchange-traded funds in recent days.

According to Sosovalue data, 12 spot Bitcoin exchange-traded funds (ETFs), including BlackRock's IBIT and Fidelity's FBTC, have seen net outflows of funds for five consecutive trading days, with a cumulative net outflow of more than $765 million on the 5th. Prior to this, all spot Bitcoin exchange-traded funds had experienced net inflows for eight consecutive days, with a cumulative net inflow of US$753 million. The total outflows in the past five days have exceeded the previous continuous inflows.

(Source: Sosovalue for the total inflow and outflow trend of 12 spot Bitcoin exchange-traded funds) See attached figure #非农就业数据即将公布 #美联储何时降息？ $ETH $BTC