The cryptocurrency market has experienced a significant downturn, losing $54 billion in the last 24 hours, dropping to $3.07 trillion. The Fear and Greed Index has also dropped to 35, indicating fear in the market.
Bitcoin ETF Outflow Continues
One of the main factors contributing to the market's decline is the continued outflow from Bitcoin ETFs. On February 10, Bitcoin ETFs saw an outflow of $186 million, led by Fidelity, Grayscale, and Invesco. This trend continued on February 11, with an additional $56.7 million exiting Bitcoin ETFs, causing uncertainty in the market.
Liquidations Add More Pressure
Adding pressure to the ongoing market fall, liquidations have increased, especially among long traders. In the last 24 hours, $224 million worth of crypto positions were liquidated, including $174 million from long positions. The largest single liquidation took place on the Bybit exchange, where a BTC/USDT position worth $1.97 million was closed.
Altcoins Also Take the Heat
It's not just Bitcoin facing losses. Altcoins have been significantly affected, with the altcoin market losing $234 billion in just two weeks. Ethereum (ETH), XRP, and Solana (SOL) have seen drops between 5% and 8%, while meme coins like DOGE, SHIB, and PEPE have lost between 5% and 10%.
The ongoing struggles of Bitcoin and altcoin markets highlight the need for careful monitoring in the coming days.
