Bitcoin Price Drops to One-Month Low
Bitcoin (BTC) saw its price plummet to a one-month low as altcoin sell-off triggers, driven by three consecutive days of outflows from spot exchange-traded funds (ETFs). The digital asset initially surged to $67,000 before sliding to around $64,500 during early Asian trading hours.
Decline Across Major Cryptocurrencies
Alongside Bitcoin, other major cryptocurrencies such as Ethereum (ETH), Solana (SOL), and Toncoin (TON) also witnessed significant declines, each losing over 3% in value.
Impact of Token Unlocks on Altcoin Prices
Markus Thielen, founder of 10x Research, anticipated the recent drop in altcoin prices due to significant token unlocks last week. Altcoins like Aptos, IMX, Starknet, SEI, and Arbitrum had unlocks totaling $483 million, prompting venture capital investors to sell off and contributing to downward pressure on Bitcoin.
Market Liquidations
Recent price movements led to liquidations totaling $455 million across all assets, affecting more than 172,000 crypto traders in a single day. Long traders bore the brunt with losses amounting to $393 million, while short traders saw $62 million liquidated.
Specific Losses in Ethereum and Bitcoin
ETH speculators faced substantial losses, accounting for approximately $92 million or 20% of the total liquidations. Long positions in ETH lost $75 million, while short positions saw $16 million liquidated. Bitcoin, on the other hand, witnessed $47.43 million in long liquidations and $22.71 million in short liquidations.
Impact on Major Cryptocurrencies
Large-cap cryptocurrencies like Solana, XRP, and Dogecoin also experienced notable liquidations, totaling $18 million, $4 million, and $60 million respectively.
Binance Platform Influence
Users of the Binance platform accounted for over 37% of the total market losses, amounting to $170 million in a single day. The largest single liquidation involved a $6.64 million long ETH position.
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