Bitcoin Drops Below $70K, Wiping Out $800M Amid Record ETF Outflows

Ethereum held up better than Bitcoin during the selloff, with its price remaining relatively stable around $1,970.

• Long positions accounted for roughly $700 million of the losses, with Bitcoin traders absorbing nearly $500 million of the total wipeout.
• Crypto analyst EmberCN stated that Bitcoin and Ethereum prices have increasingly tracked ETF capital flows since spot ETF launches.
• Spot Bitcoin ETFs have now recorded 11 consecutive trading days of net outflows, while spot Ethereum ETFs have seen redemptions for 15 straight sessions.

Bitcoin’s (BTC) price fell below $70,000 on Tuesday morning, wiping out nearly $800 million in leveraged crypto traders in the last 24 hours amid escalating outflows from spot BTC exchange-traded funds.

Bitcoin’s price was trading at around $69,400 at the time of writing, down 4.4% in the last 24 hours – the steepest decline among the top 10 cryptocurrencies by market capitalization – and was among the top trending tickers on Stocktwits. 

The drop in Bitcoin’s price led the broader market lower by over 3% to around $2.47 trillion, albeit with a few outperforming altcoins. The selloff triggered nearly $800 million in liquidations over the past 24 hours, according to CoinGlass. Long positions accounted for roughly $700 million of the wipeout, while about $100 million came from short sellers being forced to cover.