Crypto market falls 4.4% to $2.23T as Bitcoin drops near $64.8K, triggering $240M liquidations while ETF outflows signal weaker demand.
Bitcoin, Ethereum, and XRP slide amid macro pressure and high leverage, pushing total crypto market cap toward the key $2T support level.
Global cryptocurrency markets fell sharply on Monday, extending a multi-month downturn that traders say is being driven less by crypto-specific news and more by mounting macroeconomic pressure.
The total digital asset market capitalization dropped roughly 4.4% in 24 hours to about $2.23 trillion, according to market data. The selloff was led by losses in Bitcoin, Ethereum, and XRP, which together account for a large share of overall market value.
Bitcoin Drops Rapidly, Triggers Liquidation Wave
Bitcoin fell nearly 5% on the day to around $64,800, with prices at one point sliding roughly $2,500 in about an hour. The swift move triggered an estimated $240 million in long liquidations, according to derivatives data.
In leveraged markets, when prices fall quickly, traders who borrowed to bet on higher prices are forced to sell to cover their positions.
Over the past 139 days, Bitcoin has declined close to 49%, wiping out more than $1 trillion in market value. Analysts say that unlike prior cycles, the downturn has not produced a sustained relief rally.
At the same time, U.S. spot Bitcoin exchange-traded funds have seen notable outflows in recent sessions, signaling weaker institutional demand. Weekly withdrawals totaling hundreds of millions of dollars have raised questions about whether the strong ETF-driven inflows earlier in the year are losing momentum.