Bitcoin Falls to $97.5K Amid ETF Outflows and Market Weakness

The cryptocurrency market endured steep losses, with Bitcoin and major altcoins tumbling amid record ETF withdrawals and heightened macroeconomic uncertainty.

BTC

SOL

XRP

118d ago

Summary

Bitcoin dropped below $97,000 for the first time since May, falling over 6% in 24 hours as spot bitcoin ETFs saw $869 million in withdrawals—the second-largest daily outflow on record. Total losses from ETF outflows in the past three weeks reached $2.64 billion. The CoinDesk 20 index fell 8.35%, mirroring declines across traditional equity markets. The sell-off triggered $1.11 billion in liquidations, primarily longs, amid waning expectations for a U.S. interest-rate cut in December. Ether slipped nearly 10%, and other major cryptocurrencies, including XRP, SOL, and ADA, also saw sharp declines. The Czech National Bank became the first central bank to purchase bitcoin, while the first spot XRP ETF launched in the U.S. with strong opening volume.

Terms & Concepts

Spot Bitcoin ETF: An exchange-traded fund that directly holds Bitcoin, allowing investors to gain exposure to the cryptocurrency's price movements without owning it outright.
Liquidations: The forced closure of leveraged trading positions when margin requirements are not met, often resulting in rapid market moves.
Covered Call: An options strategy involving holding an asset and selling call options against it to generate income, often used to hedge or enhance returns.