$1.4 billion in crypto positions liquidated, as bitcoin hits its lowest price since June

A whopping $1.4 billion in crypto positions have been liquidated in the past 24 hours, with $391 million in bitcoin long positions and $20.2 million in shorts, CoinGlass data shows.

Bitcoin continues its downward trajectory, dropping to its lowest level since June on Tuesday morning as risk appetite wanes. A combination of ETF outflows, macro and geopolitical concerns, and increasing concerns around digital asset treasuries selling are weighing on the asset, as the Bitcoin Fear and Greed Index hits 21, “extreme fear.”

The asset is more than 17% below its October all-time high, “marking its weakest start to November since 2018,” said Timothy Misir, head of research at Blockhead Research Network.

Misir said the loss of $103,000 BTC support “would signal a shift from controlled correction to structural weakness.”

Meanwhile, market-implied probabilities derived from event contracts show that traders believe there’s a 74% chance bitcoin drops below $100,000 this year. Traders also see a 17% chance of a further drop below $80,000 in prediction markets.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Bitcoin ETFs continue to suffer, with $186.5 million in outflows on Monday, all stemming from the largest bitcoin ETF, iShares Bitcoin Trust, according to SoSoValue. In comparison, solana ETFs, which made their debut last week, registered $70 million.

Maja Vujinovic, CEO and cofounder of digital assets at FG Nexus, told Sherwood News that too many traders were using borrowed money to bet on prices going up.

“The next few days matter: if bitcoin can stay above $100,000-$105,000, it might simply be a healthy reset. If not, we could see a deeper drop,” she said. “Big investors and companies should be cautious but also watch for smart buying opportunities, since the broader economy and market mood are still shaky.”