Crypto bulls have faced significant losses, nearly $200 million, over the past 24 hours as the ongoing market sell-off intensified over the weekend.
On Sunday, Bitcoin fell below $60,000 during early U.S. trading hours, continuing a four-day market downturn. Bullish futures bets lost almost $200 million within the past day. Ether (ETH) also saw a drop, falling below $2,900, erasing its gains from July when spot ETH exchange-traded funds (ETFs) were approved for trading in the U.S.
Data from CoinGecko indicates that Bitcoin’s price dropped by 4% over the last 24 hours, reaching a three-week low of $59,400. Other major cryptocurrencies also suffered, with Solana’s SOL and Dogecoin (DOGE) both falling by more than 9%, and BNB, XRP, and Cardano’s ADA each experiencing at least a 6% drop. Toncoin (TON) showed relative resilience, only losing 1.8%.
Ether’s decline to under $2,900 marks a retracement from its July high of $3,400, despite the launch of spot ETH ETFs in the U.S., which have seen net outflows on six of nine trading days, totaling $510 million in net outflows, according to SoSoValue data.
CoinGlass data shows that bullish futures bets lost close to $200 million, with over 97,000 traders liquidated in the past 24 hours due to sudden market movements. ETH long positions led the losses with $55 million, followed by Bitcoin longs with $43 million.
Some traders had previously warned of a potential Bitcoin drop to the $55,000 level amid geopolitical tensions in the Middle East and a general dampening of sentiment towards risk assets, including technology stocks.
