Bitcoin and Ethereum Face Sell-Off as Market Sinks
Bitcoin and Ethereum lose key support, $1B liquidated, ETFs see outflows, and market sentiment slips into fear.
- Bitcoin and Ethereum drop below key levels.
- Nearly $1B in liquidations hit traders.
- ETFs face three days of outflows.
The crypto market faced a steep decline as Bitcoin (BTC) and Ethereum (ETH) lost key support levels, triggering widespread sell-offs. In the last 24 hours, Bitcoin fell by 2.13% to $109,594, while Ethereum dropped 2.30% to $3,938. This dip pushed overall market capitalization down to $3.98 trillion.
Investor sentiment also weakened, with the Fear and Greed Index (FGI) slipping to 28, signaling “fear.” Such readings often indicate hesitation among traders and reduced appetite for risk.
$1 Billion in Liquidations and ETF Outflows
The sell-off led to almost $968 million in liquidations across major exchanges, impacting both long and short positions. Leveraged traders took the hardest hit as volatility spiked.
Adding to the bearish momentum, Bitcoin and Ethereum ETFs recorded three consecutive days of outflows. This shows that even institutional investors are pulling back exposure, further pressuring prices.
What Comes Next for Bitcoin and Ethereum?
While the current decline has rattled the market, some analysts suggest it could be a healthy correction after weeks of strong gains. If Bitcoin and Ethereum stabilize at lower levels, they may set the stage for a potential rebound.
For now, all eyes are on whether BTC can reclaim the $110,000 zone and if ETH can hold above $4,000. A failure to do so could extend the downturn and keep the market in fear mode.
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