The last 24 hours have been tough for the cryptocurrency market, which lost $54 billion due to factors like Bitcoin ETF outflow and position liquidations.
Bitcoin ETF Outflow Continue
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, with Fidelity, Grayscale, and Invesco leading the way. 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. This influx of liquidations has exacerbated the decline.
Altcoins Also Took The Heat
It’s not just Bitcoin facing losses. Altcoins have been significantly affected, with the altcoin market losing a staggering $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 altcoin market’s struggles are making the broader market downturn even more pronounced.
While Bitcoin continues to struggle for support, a drop below $90,000 could trigger further declines. The market needs to restore confidence to return to growth.
