Bitcoin’s
price has been declining for the past week, reaching its lowest point since July. This drop is attributed to factors such as escalating trade tensions between the United States and China, coupled with significant outflows from investment funds, leading to further liquidations across the cryptocurrency landscape.
Data sourced by CryptoSlate reveals that Bitcoin’s value diminished by over 5% in the last 24 hours, briefly touching $103,300 after hovering around $112,000 earlier in the week.
Ethereum
also experienced losses, plummeting by 9% to approximately $3,600.
Furthermore, Binance’s
BNB
token witnessed an 11% decrease, settling at $1,048. Other prominent cryptocurrencies, including XRP, Solana, Dogecoin, Tron, and Cardano, each endured losses exceeding 7% within the same timeframe.
Information
provided by Coinglass indicates that this widespread sell-off triggered liquidations of leveraged positions totaling roughly $1.18 billion within a single day. Notably, traders who had bet on a market recovery (“long” positions) sustained the majority of these losses, accounting for approximately $917 million of the total liquidations.
This recent downturn follows a prior significant market correction that occurred a week earlier, which negatively impacted investor confidence. On October 10th, cryptocurrency investors collectively lost close to $20 billion following
reports of President Donald Trump considering imposing a 100% tariff on goods from China.
Factors Behind Bitcoin’s Recent Price Decline
The abrupt market correction can be attributed to a combination of macroeconomic and structural factors influencing the cryptocurrency sector.
Analysts at Bitfinex communicated to
CryptoSlate
that market responses to geopolitical events are intensifying. They observed that President
Trump’s
announcement confirming new tariffs heightened apprehensions
regarding economic separation.
According to their assessment:
“In the short term, we anticipate periods of impulsive volatility, where selling pressure in traditional equity markets spills over into the crypto space, reducing liquidity and affecting leveraged positions. Should yield curves increase and credit risk premiums expand, Bitcoin might experience some profit-taking before resuming any potential upward trend.”
Simultaneously, sentiment among institutional investors appears to be deteriorating, as evidenced by combined outflows of approximately $600 million from spot Bitcoin and Ethereum exchange-traded funds (ETFs).
According to
data
from SoSo Value, US spot Bitcoin ETFs saw outflows amounting to $536 million on October 16th, marking their largest single-day withdrawal since August.
Ark Invest’s ARKB
experienced the most substantial outflows at $275.15 million, followed by
Fidelity’s FBTC, which registered withdrawals of $132 million.
Grayscale’s
GBTC and Grayscale Mini BTC products reported outflows of $44.97 million and $22.52 million, respectively, while
BlackRock’s IBIT
saw a reduction of $29.37 million.
Other funds also experienced more modest losses.
Bitwise’s BITB
declined $20.58 million and
VanEck’s HODL
decreased by $6.12 million.
Invesco’s BTCO, Franklin Templeton’s EZBC, Valkyrie’s BRRR, and WisdomTree’s BTCW all reported no net flows for the specified timeframe.
Taking this information into account, Timothy Misir, head of research at BRN, commented to
CryptoSlate
that the shift in ETF demand has transformed what was previously “a temporary pause into a structural headwind.”
He cautioned that, should combined redemptions exceed $1 billion within a 48-hour period, or if miners resume significant sales, Bitcoin could potentially fall to the $96,000 range before finding stability.
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