Bitcoin’s price plummeted amidst a tumultuous day, witnessing crypto liquidations surpassing $661 million within the last 24 hours, impacting nearly 200,000 traders. During early trading on March 15, Bitcoin experienced a sharp 7.5% decline within a short span, dropping from $72,000 to $66,500.
Although the asset managed a slight rebound to reach the $68,000 mark, it faced rejection and slid further to approximately $67,500, where it remained at the time of this writing according to Tradingview data. This price marks an 8.3% decrease from its all-time high of $73,737 on March 14th.
Long positions accounted for 80% of the liquidations, totaling $525.2 million over the last 24 hours, while short positions saw liquidations amounting to $136.5 million.
The cryptocurrency market capitalization experienced a 7.3% decline in a single day, dropping to $2.68 trillion as approximately $175 billion exited the market.
Greeks Live, a provider of crypto derivatives tools, noted a recent shift in market dynamics on March 14, suggesting a potential change in the narrative surrounding ETF inflows. Pav Hundal, the lead analyst at Australian crypto exchange Swyftx, warned that if ETF volumes continue to decrease, there could be a correction towards the lower $60,000 or higher $50,000 price levels.
“The concerning aspect is the significant decline in Bitcoin ETF inflow volumes, which were down by 48% compared to their 14-day average as of yesterday,” he remarked.
Aggregate spot Bitcoin ETF inflows hit a low of just $133 million on March 14, marking the lowest point this month, as per data from Farside Investors.
“It seems like the anticipated drop is finally unfolding,” commented crypto trader and analyst CrediBULL Crypto to his audience of 380,000 followers on X.
This recent downturn has also eroded much of the accumulated open interest (OI) in derivatives markets, he noted, while predicting that there might be a little more downside potential, with BTC potentially dropping to the range of $63,000 to $64,000.
The recent release of economic indicators in the United States appears to have hastened the downturn. The latest Producer Price Index (PPI) data, surpassing expectations, has fueled forecasts of extended high interest rates by the Federal Reserve.
Additionally, unexpectedly high Consumer Price Index (CPI) figures earlier in the week are believed to have worsened the country’s economic challenges. Asian stock markets also saw declines on Friday following the disappointing U.S. economic data, which dashed hopes for imminent interest rate cuts.
Read More: Bitcoin reaches a record high surpassing $69,000, before dropping by 4%.
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