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On Tuesday, there was a sudden and unexpected drop in Bitcoin price, causing significant volatility in the crypto market. The value of BTC dropped from $69,450 to $65,970 in a short time, a decrease of over 5%. This rapid decline led to huge losses, especially for investors who traded with leverage; There was a total loss of over 165 million dollars in the cryptocurrency market.

According to Coinglass data, during Bitcoin’s sharp decline, large liquidations took place, especially in Bitcoin and Ether long positions. More than $50 million was sold from Bitcoin long positions and over $40 million was sold from Ether long positions. Additionally, other popular cryptocurrencies such as Dogecoin and Solana have similarly come under selling pressure. Especially those who trade with leverage can be more vulnerable to sudden price changes, so it is very important to follow the developments in the market carefully.

Bitcoin ETFs were also affected by this fluctuation. A net outflow of $86 million was observed in ETFs, ending a four-day streak of consecutive positive ventures. However, some ETFs were still experiencing strong inflows despite this outflow. For example, BlackRock’s ETF was the top performer with net inflows of $165.9 million. Fidelity ranked second with a net inflow of $44 million. However, these inflows were offset by outflows of $302 million by Grayscale’s GBTC, resulting in daily net outflows for all funds reaching $85.7 million. This shows that investors’ interest in crypto assets is still high.

At the same time, it was observed that the stablecoin called Tether (USDT) experienced a decrease of around 1% for a short time. However, it is not yet clear whether the reason for this decrease is due to a bug in the APIs of some data trackers or whether it is a real change. This shows that the cryptocurrency market is still quite volatile and investors need to be careful.