Bitcoin Price Drops to One-Month Low Amid ETF Outflows

Bitcoin’s price plummeted to a one-month low, declining from $67,000 to $64,500 after three consecutive days of outflows from its spot exchange-traded funds (ETFs). This downturn also affected other major cryptocurrencies, including Ethereum, Solana, and Toncoin, each experiencing a drop of over 3%.

Token Unlocks Contribute to Downward Pressure

Markus Thielen, founder of 10x Research, attributes the recent decline in altcoin prices to last week’s substantial token unlocks, totaling $483 million. These unlocks led venture capital investors to cash out, adding downward pressure on Bitcoin’s price.

Liquidations Reach $455 Million

Data from Coinglass shows that recent price movements resulted in $455 million in liquidations across all assets, impacting over 172,000 crypto traders. Long traders incurred losses of $393 million, while short traders saw $62 million in liquidations.

Ethereum and Bitcoin Lead in Liquidations

Ethereum speculators faced significant losses, amounting to $92 million, or 20% of the total losses. Bitcoin experienced $47.43 million in long liquidations and $22.71 million in short liquidations. Traders on Binance accounted for 37% of total market losses, totaling $170 million.

Market Volatility Continues

The crypto market continues to experience volatility, driven by token unlocks and ETF outflows. As the market navigates these fluctuations, investors remain cautious, looking for signs of a potential rebound.

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