Bitcoin dropped to about $60,461, hitting a 4-month low as crypto markets absorbed more than $1 billion in forced liquidations and a record streak of outflows from spot Bitcoin ETFs. Over 7 straight days, those ETFs shed more than 23,135 Bitcoin—around $1.41 billion—removing a major source of demand that had helped absorb selling.
At the same time, leverage in the system made the slide more severe. In one recent 24-hour stretch, roughly $1.66 billion in long crypto bets were liquidated, mostly on the long side, after prices broke through traders’ collateral thresholds. That kind of forced unwinding can turn a falling market into a sharper, self-reinforcing move.
What stands out is that the selloff was driven by two crypto-specific pressures at once: weakening ETF demand and forced deleveraging. And because Bitcoin remains the market’s main transmission channel, when it breaks lower, pressure tends to spread quickly across the rest of the sector.