Bitcoin Drops 7.4% as Major Cryptocurrencies Face Weekly Declines

Bitcoin and Ethereum experience significant drops amid large outflows from spot ETFs and heightened market fear, with analysts cautioning about a deeper retracement.

BTC

ETH

SOL

185d ago

Summary

Bitcoin fell to around $104,500 on October 17, nearing its October 11 crash low, while Ethereum and Solana also saw drops. Global liquidations reached $1.189 billion, with long positions bearing the brunt. Bitcoin and Ethereum spot ETFs experienced large outflows in early October, and the market sentiment index dropped to a panic level of 22. Analysts are concerned that further declines could follow if Bitcoin breaks below $99,900.

Terms & Concepts

Spot ETF: An exchange-traded fund that tracks the price of a specific asset, such as Bitcoin or Ethereum, and allows investors to gain exposure without directly owning the asset.
Liquidations: The forced sale of an asset, typically occurring when a trader’s position is closed due to a margin call or insufficient collateral.
365-Day Moving Average: A statistical calculation that averages the closing price of an asset over the past 365 days, used as an indicator of long-term trends.