Bitcoin Price Plummets Below $70K Amid Record ETF Outflows
Bitcoin's price plummeted to below $70,000 on Tuesday morning, resulting in a staggering wipeout of nearly $800 million in leveraged crypto traders over the past 24 hours. The drop was largely attributed to escalating outflows from spot Bitcoin exchange-traded funds (ETFs), which have now recorded 11 consecutive trading days of net outflows.
Crypto analyst EmberCN noted that since the introduction of spot ETFs, Bitcoin and Ethereum prices have increasingly tracked ETF capital flows. Data from SoSoValue showed that Bitcoin ETFs have seen a record 11-day run of outflows, while Ethereum ETFs have seen redemptions for 15 consecutive days.
The drop in Bitcoin's price led to a broader market decline, with the top 10 cryptocurrencies by market capitalization falling over 3%. Long positions accounted for roughly $700 million of the losses, with Bitcoin traders absorbing nearly $500 million of the total wipeout. Ethereum held up relatively better than Bitcoin during the selloff, with its price remaining stable around $1,970.