Bitcoin Plunges as ETFs Record Third Consecutive Day of Outflows

The volatility has severely impacted over-leveraged traders, with over 190,000 liquidated in the last 24 hours.

The crypto market capitalization notably declined today after Bitcoin plunged to $64K. In the meantime, most of the top-ten altcoins by market capitalization suffered double-digit losses.

Data from CoinMarketCap shows that the total crypto market capitalization plunged 2.4% overnight, causing massive liquidations, most of which were long positions.

Bitcoin Plunges as ETFs Record Third Consecutive Day of Outflows

The volatility has severely impacted over-leveraged traders, with over 190,000 liquidated in the last 24 hours. According to data from Coinglass, BTC liquidations surpassed $48M in the same timeframe, most of them taking place in Binance and OKX.

However, the single largest liquidation was worth around $6.44 million and involved the ETH/USDC trading pair.

The crypto market’s downturn was largely due to recent outflows in US spot Bitcoin exchange-traded funds (ETFs). As CryptoMode reported, Bitcoin ETFs recorded over $145M in outflows, with Fidelity FBTC leading the pack (once again).

Altcoins In the Red

Some of the most popular tokens in the crypto market are in the red, with double-digit declines in the past 24 hours. Data shows that Core (CORE), Fantom (FTM), and dogwifhat (WIF) have plunged 20.53%, 17.78%, and 16.81%, respectively.

Moreover, Ethena (ENA) and Jupiter (JUP) are also in the deep red, with declines of 15% each.

Notcoin (NOT) couldn’t surf the massive red wave that affected the market, as the token from The Open Network ended its rally with a 12.43% decline daily, losing most of its gain amassed in the last couple of weeks. However, the coin is still up 131% in the last 30 days.

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