Crypto Market Shakeup: $123M Liquidated as Bitcoin ETF Enthusiasm Wanes

Crypto Market Shakeup: $123M Liquidated as Bitcoin ETF Enthusiasm Wanes

The global crypto market cap has fallen nearly 3% today, sparking market discussions. Major cryptocurrencies, including Bitcoin, Ethereum, DOGE, BNB, and SHIB, have noted sharp declines.

Bitcoin ETF Outflows Fuel Concerns

Source| Deribit

The U.S. Spot Bitcoin ETF has reversed its track, recording an outflow of $13.7 million on July 2 after five straight days of inflows. This move has fueled market sentiment, as investors seek clarity on the market’s momentum.

Upcoming Options Expiry Impacts the Market

Source| Deribit

The upcoming expiration of significant Bitcoin and Ethereum options on Friday, July 5, is creating uncertainty and influencing market behavior. Traders are adjusting their positions ahead of the deadline.

Ethereum ETF Launch Delay Sparks Concerns

The crypto market was anticipating the Spot Ethereum ETF approval by the U.S. SEC this week. However, a potential delay might have sparked concerns among investors.

Crypto Market Faces Significant Liquidations

The recent selloff in the crypto market has caused a liquidation of $123.62 million over the last 24 hours, with around 45,000 traders being liquidated. Bitcoin faced liquidation of $34.74 million, while Ethereum’s liquidation stood at $32.87 million.

Analysts Remain Optimistic Despite the Decline

Despite the recent crypto market selloff, some analysts are still optimistic about the future performance of the market. They believe that the declining value and anticipation over the Ethereum ETF approval this month might lead to robust gains in the coming days.

Risks Remain as Bitcoin Price Crosses $61,000

With Bitcoin price currently crossing the brief $61,000 mark, the risk still prevails in the market. A popular crypto market expert, Ali Martinez, has warned of over $1 billion liquidation if Bitcoin hits the $62,600 mark.

In conclusion, the crypto market has experienced a sharp decline today, with the global market cap falling nearly 3%. The selloff is attributed to a combination of factors, including Bitcoin ETF outflows, upcoming options expiry, and the delay in the Ethereum ETF launch. While some analysts remain optimistic, the market continues to face significant liquidations and potential risks.

Read Also: Dogecoin Soars: What’s Fueling the 6% Surge and Why Are Investors Bullish?

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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