The price of Bitcoin (BTC) experienced a significant drop shortly after the US markets opened.
Bitcoin Price Drop Occurred Immediately After US Markets Opened
Market participants note that the timing of this move may be linked to outflows from Bitcoin spot ETFs. Increased selling pressure at the start of the US session raised volatility in the short term.
According to the data, Bitcoin is trading at $86,998 at the time of writing. Having fallen by 2.18% in the last 1.5 hours and 1.64% in the last 24 hours, BTC’s market capitalization stands at $1.73 trillion.
The decline in Bitcoin also led to significant liquidations in the derivatives markets. A total of $243 million worth of positions were liquidated in the last 24 hours, with $155.5 million of that being long positions and $87.8 million being short positions. Looking at it by asset, the largest liquidation occurred in BTC, with $106.6 million. Bitcoin was followed by Ethereum ($40.1 million) and Solana ($17.4 million).
The overall crypto market is showing more limited losses and a sideways trend. Ethereum is trading at $2,916, while major altcoins like BNB, XRP, and Solana are experiencing intraday declines in the 1-2% range.
*This is not investment advice.