Bitcoin, the flagship crypto asset has dropped below $58,000 following an underwhelming weekend in the crypto markets.
Bitcoin, Ethereum and other altcoins all dropped significantly in price value over the weekend with crypto exchanges reporting large volumes of liquidations.
Bitcoin in the early hours of today was trading at $57,500 marking a 1.5% drop in the last 24 hours and nearly about 10% drop in the past week.
Bitcoin still remains the largest cryptocurrency with a market cap of $1.1 trillion and maintaining a 54% market dominance.
Bitcoin was not the only crypto asset to witness a drop over the weekend. Ethereum the biggest altcoin and the second largest crypto asset by market cap also dropped significantly following the slow weekend.
Ethereum at the time of report is exchanging hands for $2,440, reflecting a 1.7% decrease over the past day and an 11% decline over the past week.
Solana on the other hand is currently exchanging hands for $129.63 dropping by 1.7% in the last 24 hours and 18.8% in the last 7 days.
Liquidations
In the last 24 hours, Coinglass data revealed that Bitcoin long liquidations on centralized exchanges hit over $41.5 million. The figure makes up the total of $50 million in overall Bitcoin liquidations.
The broader cryptocurrency market witnessed over $162 million in liquidations, with about $135 million stemming from long positions.
Coinglass data also revealed that funding rates for bitcoin futures across derivatives exchanges have turned negative following the decline, suggesting a bearish sentiment among traders now.
Net Outflows in Bitcoin ETFs
The slump in price of Bitcoin over the weekend followed a week of Net outflows from the 12 spot Bitcoin ETF’s.
According to Data from Farside investors UK, on Friday, the last day of trading last week the 12 spot bitcoin ETFs recorded an outflow of $175.6 million for the day.
The Outflow for the day was led by Grayscale’s GBTC which saw $70.2 million leave the funds. This was followed by Ark and 21 shares ARKB which recorded $65.0 million in outflows. The third position went to Bitwise BITB which recorded a $16.4 million outflow for the day.
The 12 spot Bitcoin ETFs in the U.S recorded a net outflow totaling $276 million last week.
These outflows might have played a role in the slump of Bitcoin prices over the weekend.
What to Know
- Bitcoin remains the primary crypto asset with an overbearing influence on other crypto assets in the market. Bitcoin price fluctuations has shown to historically affect the prices of other crypto assets in the market.
