Crypto Market Down $280M Amid BTC ETF Outflows and Poolin Bankruptcy

The cryptocurrency market experienced a decline on July 24, with $280 million in liquidations, largely due to bearish headwinds and BTC ETF outflows.

BTC ETFs saw their first outflows in seven days, totaling over $225 million, while Ethereum posted $26 million in inflows. This has contributed to the market's downturn, with Bitcoin prices falling 0.95% to $64,988.

Poolin Technologies, a prominent Bitcoin mining pool, has filed for Chapter 11 bankruptcy in the US, listing liabilities between $100 million and $500 million and an estimated number of creditors ranging from 10,001 to 25,000.

The market also saw a surge in long liquidations, with $192 million worth of positions being closed. This, combined with the BTC ETF outflows, has put pressure on the market.