Bitcoin drops to $68,800 with $622m in liquidations
Bitcoin fell 6.7% to its lowest since Aug. 20 as leveraged longs were wiped and spot ETFs saw outflows. Ether, BNB and XRP also fell.
What we know
The Block reports Bitcoin fell 6.7% to $68,803, ether 5.8% to $1,934 and BNB 6.4%. Wu Blockchain reports $622m of liquidations in four hours. An on-chain trader notes spot ETFs are about $644m in outflows for the week with heavy spot selling on major exchanges. A prominent trader warns of six red weekly candles, matched only in April-May 2022, and advises against leveraged knife-catching. Another trader suggests the market is pricing political risk to Trump-linked crypto interests (speculative). Traders see a possible final capitulation.
Sources
“Bitcoin fell 6.7% to $68,803, its lowest level since Aug. 20”
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“Crypto Liquidations Hit $622 Million in Four Hours”
View post →“Spot ETFs are now around -$644m for the week so far”
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