Crypto Markets Lose $100M Overnight As Spot Bitcoin ETF Outflows Hit $146M (Market Watch)

After a quiet weekend, the price of bitcoin headed violently south over the past 12 hours or so, dropping to a monthly low of $64,000 amid growing outflows from spot ETFs.

Over $100 billion evaporated from the crypto markets at one point as most highs also poured in hard.

BTC down

Bitcoin tried to break below the $70,000 level on a few occasions last week, but to no avail. The latest attempt came after favorable US CPI data came out on Wednesday and BTC soared from under $67,000 to $70,000 in minutes.

However, bears quickly intercepted the move as the US Federal Reserve said it will not cut interest rates, prompting a massive price drop in the leading cryptocurrency. By Friday evening, the asset had dropped five thousand to $65.00.

The weekend was a bit more positive and quiet as BTC settled just above $66,000. Monday also got off to a quiet start, before the bulls attempted a rally towards $67,000. However, this was not very successful and the subsequent rejection pushed bitcoin south to a monthly low of $64,000, leaving almost $500 million in liquidations.

These price drops came amid another batch of ETF exits, this time worth $145.9 million from all of these products.

BTC’s market cap has fallen below $1.3 trillion, while its dominance over the highs has gained 0.7% overnight to 52.1%.

Bitcoin/Price/Chart 18.06.2024. Source: TradingView Alts See Nothing but Red

BTC’s growing dominance amid bitcoin’s correction means the highs have poured in even more. This is evident from the likes of SHIB, UNI and WIF, all of which are down around 10%.

Solana, Dogecoin, Toncoin, Cardano, Avalanche and Chainlink are also very red. The DOT is close to breaking below $6. ETH and BNB are also in the red.

XRP is the only exception to the larger cap alternatives. Ripple’s native token has risen to just over $0.5 amid a market-wide correction.

The total crypto market cap has dropped to less than $2.5 trillion over the past day, losing roughly $100 billion since yesterday’s peak.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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