Crypto bulls faced significant losses over the weekend as the market sell-off extended into its fourth day, erasing nearly $200 million in bullish futures bets.
Bitcoin fell below the $60,000 mark during early U.S. hours on Sunday, continuing its downward trend and hitting a three-week low at $59,400, according to CoinGecko data. This 4% drop contributed to widespread market declines, with major cryptocurrencies like Solana (SOL) and Dogecoin (DOGE) plunging over 9%, and BNB Chain’s BNB, XRP, and Cardano’s ADA each losing at least 6%. Toncoin (TON) experienced a relatively smaller loss of 1.8%.
Ether (ETH) also dropped below $2,900, giving back all the gains from its July rally to $3,400 following the approval of spot ETH exchange-traded funds (ETFs) for trading in the U.S. These ETFs have seen net outflows on six out of nine trading days, totaling $510 million in net outflows since their launch, according to SoSoValue data.
CoinGlass data revealed that bullish futures bets totaling nearly $200 million were liquidated, with over 97,000 traders affected by the market’s sudden movements. ETH long positions led the losses with $55 million, followed by Bitcoin longs at $43 million.
Traders had previously warned of a potential drop to the $55,000 level for Bitcoin, citing geopolitical tensions in the Middle East and weakened sentiment for risk assets, including technology stocks.
