Crypto Market Sees $386M Liquidation Wave Amid Inflation Fears

The cryptocurrency market experienced a significant drop in value on September 9th. Bitcoin rallied to $79,760 but lost 2.49% of its value within 14 hours, falling to $77,770.

This decline saw the highest one-day liquidation numbers in nearly a week, with $269.96 million in long positions and $116.62 million in short positions being forcefully closed.

The spot Bitcoin ETF flows showed a decrease in demand over the previous two trading days, with combined outflows of $166.8 million. Long-term holders have been taking profits, which could have contributed to the correction.

However, the $76k demand zone held, keeping hopes for a recovery alive. The long-term outlook remains uncertain, as 35% of the Bitcoin supply has been accumulated at this level or higher.