Bitcoin Tumbles as Altcoin Rout Liquidates $455M

The price of Bitcoin (BTC) fell to a one-month low after outflows from its spot exchange-traded funds (ETFs) occurred for three straight trading days.

The massive ETF outflows and altcoin crashes have pushed down the price of Bitcoin.

The top digital asset rose to $67,000 in early Asian trading hours but dropped to about $64,500. Significant drops were also seen in other popular cryptocurrencies, such as Ethereum (ETH), Solana (SOL), and Toncoin (TON), all of which lost more than 3%.

The creator of 10x Research, Markus Thielen, suggested that last week’s significant token unlocks caused the recent decline in altcoin values. He mentioned that $483 million has been unlocked for digital assets like Aptos, IMX, Starknet, SEI, and Arbitrum. This circumstance put pressure on venture capitalists to sell their holdings, lowering the bitcoin price.

He continued, saying:

“As altcoin volumes in Korea crashed, so did the funding rates, and this caused Bitcoin ETF flows to slow down. It has come as a surprise that Bitcoin is failing to rally despite weak inflation data, but the Ethereum and altcoin crash might have been predictable.”

$455 million was paid out.

Recent market changes have liquidated $455 million from over 172,000 cryptocurrency traders across all assets in the last day, according to Coinglass data. Long traders lost $393 million, and short traders liquidated $62 million.

Speculators on Ethereum lost a lot of money; they lost almost $92 million, or 20% of the overall losses. ETH traders betting on price increases lost $75 million, and holders of short positions liquidated $16 million.

Conversely, Bitcoin experienced long liquidations of $47.43 million and short liquidations of $22.71 million. Prominent cryptocurrencies such as Solana, XRP, and Dogecoin also saw noteworthy liquidations, with respective values of $18 million, $4 million, and $60 million.

With $170 million in losses in the last day, cryptocurrency traders utilizing the Binance platform contributed more than 37% of overall market losses. An ETH investment worth $6.64 million was the most significant single liquidation.