Bitcoin (BTC), Ethereum (ETH) and Altcoins Started the Day with a Decline! What is the reason for the decline?
Release: 2024/07/25 14:54 Reading: 229
Bitcoin and Altcoins Witness a Downturn Amidst Outflows
Bitcoin and altcoins opened this morning with a bearish sentiment. BTC hovered around $66,000 throughout the day before briefly surpassing $67,000 yesterday.
However, an unexpected overnight drop in Bitcoin led to its decline to $63,800. While the exact cause remains unclear, the decline in Ethereum and altcoins appears to be influenced by outflows in spot Ethereum ETFs.
Ethereum (ETH) lost 7.6% today, reaching $3,100 despite the recent launch of ETH ETFs. Other altcoins also experienced setbacks: Solana (SOL) dropped by 1.7%, Dogecoin (DOGE) by 5.5%, BNB by 3.6%, and Avalanche (AVAX) by 4.8%.
Data from SoSoValue shows a net outflow of over $810 million from Grayscale's ETHE. This outflow is comparable to the outflows experienced by Grayscale's Bitcoin ETF (GBTC) during its initial weeks after approval. Similarly, BTC's price overreacted to the BTC outflows from Grayscale in the early stages.
While Grayscale's ETF underperformed, several other ETH ETFs remained positive on Wednesday. BlackRock's ETHA led with an inflow of $283.9 million, followed by Bitwise's ETHW with $233.6 million, and Fidelity's FETH with $145.7 million.
These declines resulted in the liquidation of numerous long positions. According to Coinglass, $292 million in leveraged transactions were liquidated within the past 24 hours. Of these, $259 million were long positions, and $33 million were short positions.
73,612 investors liquidated their positions during the same period, with the largest single liquidation order occurring on the BTC/USDT trading pair on Binance for $11.78 million.
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