The crypto market experienced a significant downturn, with Bitcoin dropping over 4.6% and Ethereum following suit due to a massive liquidation cascade in Bitcoin derivatives. Bitcoin long liquidations surged by 934% in 24 hours. Altcoins were also affected, with Solana, XRP, Dogecoin, and Bitcoin Cash seeing notable drops. USDT liquidity turned negative, historically a bearish sign for Bitcoin. The market’s immediate future hinges on Bitcoin holding $65,000 and the total market cap remaining above $2.17 trillion. ETF flow data will be a key indicator of institutional interest, making the end of the monthly trade crucial for determining the market’s direction.
BTC and ETH Slide Below Key Levels—Is More Downside Ahead? — TradingView News
