Bitcoin (BTC) Price Drops to 1-Month Low as Altcoin Unlocks and ETF Outflows Mount
- PHPzOriginal
- 2024-06-19 11:50:461112browse
Markus Thielen, founder of 10x Research, posited that the recent drop in altcoin prices was anticipated due to last week's significant token unlocks.
Three days of outflows from Bitcoin (BTC) spot exchange-traded funds (ETFs) saw the price of the leading digital asset drop to a one-month low on Monday.
BTC price fell to around $64,500 during early Asian trading hours after surging to $67,000. Other major cryptocurrencies, including Ethereum (ETH), Solana (SOL), and Toncoin (TON), also saw significant declines, each losing over 3%.
Markus Thielen, founder of 10x Research, suggested that the recent drop in altcoin prices was expected due to large token unlocks last week. According to Thielen, digital assets such as Aptos, IMX, Starknet, SEI, and Arbitrum had unlocks totaling $483 million.
This situation put pressure on venture capital investors to cash out, which in turn contributed to the downward price movement on Bitcoin.
Thielen added:
“As altcoin volumes in Korea crashed, so did the funding rates, and this caused Bitcoin ETF flows to slow down. It has come as a surprise that Bitcoin is failing to rally despite weak inflation data, but the Ethereum and altcoin crash might have been predictable.”
Recent price movements liquidated $455 million across all assets from over 172,000 crypto traders in the past day, according to data from Coinglass. Long traders lost $393 million, while short traders saw $62 million liquidated.
Ethereum speculators faced significant losses, accounting for approximately $92 million, or 20% of the total losses. Of this amount, ETH traders betting on price increases lost $75 million, while $16 million was liquidated from short-position holders.
On the other hand, Bitcoin saw $47.43 million in long liquidations and $22.71 million in short liquidations. Large-cap cryptocurrencies such as Solana, XRP, and Dogecoin also faced notable liquidations, amounting to $18 million, $4 million, and $60 million, respectively.
Crypto traders using the Binance platform were responsible for over 37% of total market losses, with 170 million in the past day. The most significant single liquidation was a 6.64 million long ETH position.
News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-price-drops-month-low-altcoin-unlocks-etf-outflows-mount.html
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