Over the past few days, there has been a massive rejection of Bitcoin (BTC), pushing it down to below $69,000. BTC was on a bullish trend last week, possibly brought about by the record net inflows into spot Bitcoin Exchange-Traded Funds (ETFs) in the United States. The altcoin market has also taken a hit, with more than 90,000 over-leveraged traders affected in the past day.
On 30 October, the second-best day for spot Bitcoin ETFs in terms of net inflows since their inception in mid-January was witnessed. The rally peaked on Tuesday, with a surge to $73,600, which was just $150 away from attaining a new all-time high. However, Bitcoin instead retraced slightly to $72,000 on Wednesday and Thursday, and then had a significant drop to under $69,000.
Crypto traders, especially over-leveraged ones, have taken a hit with ETH and SOL down by 5% each. Meme coins DOGE and SHIB followed suit, with drops of 7.5% and 6.2% respectively. Since yesterday, the cumulative market cap of all crypto assets lost approximately $100 billion, currently standing at less than $2.450 trillion.
According to CoinGlass, more than 90,000 traders have seen their positions liquidated over the past day, totaling $280 million. The largest single liquidated position took place on Binance, with good worth over $11 million. Enhanced volatility in the market has led to an increase in the number of traders getting wrecked, making for an eventful period in the crypto space.