Bitcoin Price Drops Below $84K as Crypto Longs Lose $392M

Crypto traders lost $392 million in long positions over 24 hours as oil and Treasury yields rose, according to CoinGlass. About three-quarters of those losses came from positions outside Bitcoin, in Ether, altcoins, and gold contracts on crypto exchanges.

Bitcoin still trades about 2% above the $81,722 average cost basis of US spot ETF holders, but the funds have taken in money for seven straight days.

Long positions made up 81% of the $487 million in total liquidations over the 24 hours to noon ET. Bitcoin traded near $83,280 as of 12:05 p.m. ET, down 1.4% over 24 hours, according to CoinMarketCap.