The cryptocurrency market lost almost $ 500 million per day amid the fall of bitcoin

Over the past day, the cryptocurrency market has suffered a serious decline, resulting in the loss of almost half a billion dollars through forced liquidations. Bitcoin BTC $93,504.25 Bitcoin -2.52% Market capitalization $1.85 trillion VOL. 24 hours $2.97 billion dropped to $ 65,500 and Ethereum ETH $3,337.10 Bridged Ether (StarkGate) 0.28% Market capitalization $0.3 billion VOL. 24 hours $1.6 billion dropped to $ 3,444, causing liquidations of more than $ 482 million. This had the greatest impact on long positions.

During the local market collapse, both mainstream and new digital assets were affected, including 192,853 traders. CoinGlass data shows that Ethereum suffered the most with $ 92.52 million in liquidations, followed by Bitcoin and Dogecoin DOGE $0.15 Department Of Government Efficiency -2.29% Market capitalization $0.15 billion VOL. 24 hours $0.68 billion with $ 73.26 million and $ 60.35 million in liquidations, respectively. The largest single liquidation occurred on the Binance crypto exchange, where a trader lost $ 6.44 million on a long position in Ethereum.

Despite these difficulties, Bitcoin managed to recover to $ 65,500 and Ethereum to $ 3,440. Rapid rate recovery is typical for the cryptocurrency market, reflecting its volatility and quick actions by investors. Analysts have mixed views on the market’s direction, with a well-known analyst at Crypto Rover suggesting that a rise to $ 73,000 for Bitcoin could liquidate more than $ 10 billion in short positions, while a trader at ChimpZoo predicts a significant market reversal.

The outflow of funds from Bitcoin ETFs complicates the market situation. Analysts from Fidelity’s Wise Origin Bitcoin Fund recorded outflows of $ 92 million, and ARK 21Shares Bitcoin ETF — $ 50 million. At the same time, Bitwise Bitcoin ETF recorded a small inflow of $ 2.9 million. Overall, all ETFs (except IBIT) recorded outflows of $ 145.9 million on Monday.