Key Points
- Bitcoin long liquidations approached $40 million as the price dipped below $65,000.
- Grayscale’s converted GBTC fund experienced outflows of $130.42 million, with inflows from other Bitcoin ETFs slowing or halting.
In the last 24 hours, the price of Bitcoin fell below $65,000, leading to long liquidations nearing $40 million.
Coinglass data reveals that out of $45 million in liquidated BTC positions, $39 million were long liquidations.
Overall Crypto Market Impact
In the broader cryptocurrency market, liquidations exceeded $212 million in the same period.
The majority of these, around $178 million, were long positions.
Bitcoin is teetering just above the $64,000 mark, having fallen by over 3.6% in the past day.
At 5:35 a.m. ET, it was trading at $64,033.
In the same timeframe, Ethereum saw a 3.5% decrease to $3,137.
ETF Inflows Slowing Down
Grayscale’s converted GBTC fund saw outflows of $130.42 million on Wednesday.
Inflows from other spot Bitcoin exchange-traded funds either slowed or stopped.
Eight other funds, including BlackRock’s IBIT and Bitwise’s BITB, recorded no flows on the same day.
BlackRock’s ETF experienced its first day without inflows after a 71-day streak of inflows into its fund.
Only Fidelity’s FBTC and the ARK 21Shares Bitcoin ETF saw inflows on Wednesday, with $5.6 million and $4.2 million, respectively, according to SoSoValue data.
Bitcoin’s dominance edged down slightly to 50.8% over the past day, while Ethereum’s dominance saw a slight increase to 15.4%, according to Coingecko data.
The global cryptocurrency market cap decreased by around 3.6% in the past 24 hours and now stands at $2.49 trillion.
The GM 30 Index, representing a selection of the top 30 cryptocurrencies, fell 4% to 132.81 in the same period.