- Leveraged crypto traders suffered nearly $800 million in liquidations over 24 hours as Bitcoin’s price dropped below $70,000, with longs accounting for roughly $700 million of the losses.
- Spot Bitcoin ETFs have recorded 11 straight days of net outflows, a key driver of the price decline according to analysts tracking institutional capital movements.
- Ethereum showed relative stability around $1,970, outperforming Bitcoin during the selloff despite its own spot ETFs seeing 15 consecutive sessions of redemptions.
- Crypto analyst EmberCN stated that Bitcoin and Ethereum prices have increasingly tracked ETF capital flows since the spot ETF launches.
Bitcoin’s price plunged below $70,000 on Tuesday morning, wiping out nearly $800 million from leveraged traders in 24 hours and dragging the broader crypto market lower by over 3%. The sharp decline coincided with escalating outflows from spot Bitcoin exchange-traded funds, which have now seen 11 consecutive trading days of net redemptions according to data.
Bitcoin traders absorbed the largest hit, with nearly $500 million in BTC-linked positions liquidated. Consequently, retail sentiment on the Stocktwits platform trended in ‘extremely bearish’ territory as many anticipated a deeper drawdown after the key $70,000 level broke.
Analyst EmberCN noted that “ETF funds have been outflowing for the past two weeks, and prices have been falling for two weeks as a result.” The analyst highlighted that BTC ETF assets have fallen 43% from their October highs, closely mirroring Bitcoin’s 41% price drop from $125,000 to below $73,000 in the same period.
Meanwhile, Ethereum held up significantly better than Bitcoin, with its price remaining relatively stable around $1,970. However, spot Ethereum ETFs have also faced persistent pressure, recording redemptions for 15 straight sessions. Data shows these ETF assets have dropped 63% since October, while ETH’s price has fallen 59% from $4,800.
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