The global crypto market capitalization lost $230 billion, or roughly Rp3,650 trillion, over the past 24 hours. A broad sell-off across major assets dragged Bitcoin (BTC) down 6.74%, breaking below the psychological $65,000 level. This decline extends a corrective trend after Bitcoin lost its 200-week moving average around $67,992.
The price weakness was not confined to Bitcoin alone. Ethereum (ETH) tumbled 9.36%, sliding below the $1,800 mark. Three other large-cap assets recorded sharp losses over the same timeframe: Solana (SOL) fell 11.79%, XRP dropped 10.92%, and BNB declined 9.34%. Selling pressure mounted simultaneously across spot exchanges and derivatives markets.
$645 Million in Long Positions Liquidated in Half an Hour
The derivatives market recorded a surge in long liquidations totaling $645 million in just 30 minutes. Selling pressure peaked as futures contracts suffered $360 million in flash liquidations within a five-minute window. Bullish traders’ positions were forcibly closed by exchanges as market prices of underlying assets plunged past their liquidation thresholds.
Amid the ongoing downturn, a wallet linked to the Ethereum Foundation also offloaded assets. The address associated with 0x5CBC sold 2,500 ETH worth $4.6 million. The divestment coincided with ETH’s drop below the $1,800 threshold on spot markets.
11-Day Outflow Streak for BlackRock’s ETF
Market pressure was compounded by a streak of consecutive withdrawals from US spot Bitcoin ETFs. These capital outflows hit BlackRock’s iShares Bitcoin Trust (IBIT), which logged an 11-day outflow streak. Total withdrawals from the investment vehicle reached $2.35 billion.
The multi-billion-dollar redemptions from spot Bitcoin ETFs coincided with Bitcoin breaching key technical levels. After failing to hold above its 200-week moving average near $67,992, Bitcoin’s price broke below the psychological $65,000 mark, pushing the broader market back into a defensive posture.
Daily RSI Enters Oversold Territory
The velocity of the sell-off over the past 24 hours was reflected across daily technical indicators. Bitcoin’s daily Relative Strength Index (RSI) dropped to touch 22.96. Readings below 30 place Bitcoin’s price action firmly in oversold territory.
For crypto portfolio holders, an RSI reading of 22.96 illustrates the severity of the sell-off that recently hit the market. However, with Bitcoin currently trading below $65,000 and institutional ETF outflows yet to stop, disciplined liquidity risk management remains essential before making new decisions.
Reported by @WatcherGuru on X.
Also read: How to Read Candlesticks for Beginners
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
