7 months ago
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Bitcoin’s decline to $64,000 had a widespread impact on the overall market, particularly affecting altcoins, which experienced larger drops than BTC.
The crypto market has once again been rattled by volatility as Bitcoin (BTC) price slipped to $64,000, marking a downturn following its rebound from the recent geopolitical tensions in the Middle East.
Despite maintaining a strong position above $66,000 for several days and briefly flirting with the $67,000 mark post-halving on April 20, 2024, Bitcoin faced resistance, leading to a subsequent decline. According to CoinGlass data, this downturn has brought increased pressure on bullish investors and over-leveraged traders with long positions, as daily liquidations surged to over $210 million.
BTC Drop Leads to Massive Liquidations
Over the past 24 hours, approximately 91,704 leveraged positions have liquidated in the crypto market. Long traders took the hardest hit with $178 million liquidated across several layer-1 blockchains, including Ethereum (Ether) and Solana (SOL).
Short traders also faced losses, with more than $32 million liquidated within the same period, according to CoinGlass data. Liquidations on the OKX crypto exchange accounted for the largest share, amounting to a total of $5.66 million.
Within the last hour alone, both long and short traders collectively incurred losses of $132.28 million. Currently, the entire crypto market capitalization stands at $2.37 trillion, reflecting a 3.97% decrease over the past 24 hours.
Broader Crypto Market Performance
Bitcoin’s decline to $64,000 had a widespread impact on the overall market, particularly affecting altcoins, which experienced larger drops than BTC.
In the last 24 hours, Solana (SOL) plummeted by over 7%, currently trading around $146 per token. Similarly, other altcoins such as Toncoin (TON), Cardano (ADA), Avalanche (AVAX), Polkadot (DOT), and Bitcoin Cash (BCH) also saw significant declines of 7%, 6.35%, 9.91%, 7.5%, and 6.07%, respectively.
Even memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) were not spared, facing drops of 7.20% and 8.38%, respectively, during this period.
Bitcoin ETF Traders Seek Safety Amid Crypto Turmoil
With the bloodbath in the crypto market, Bitcoin ETF traders are scampering for safety and selling off their bags. According to data from SoSoValue, Grayscale’s ETF GBTC faced a significant net outflow of $130 million within a single day.
Despite the massive outflow from Grayscale, Fidelity’s ETF FBTC recorded a massive inflow of $5.61 million in the same period. This figure represents the highest inflow among Bitcoin spot ETFs in the United States.
Similarly, ETFs like ARKB by Ark Invest and 21Shares also saw notable net inflows of $4.17 million within a day.
