CoinGlass data showed more than $100 million in crypto liquidations over the past hour, compared with $716 million over the previous 24 hours.
Bitcoin (BTC) and Ethereum (ETH) slid in early morning trade on Tuesday after investors pulled more than $320 million from spot Bitcoin exchange-traded funds (ETFs), extending a broader retreat across digital assets ahead of a key speech by Federal Reserve Chair Jerome Powell and renewed U.S.-China tensions.
Bitcoin’s price fell by more than 4% to trade near $110,000, while Ethereum’s price dropped as much as 5.7% to $3,900. Despite the pullback, retail sentiment on Stocktwits around both leading tokens remained in ‘bullish’ territory amid ‘high’ levels of chatter over the past day.
U.S. spot Bitcoin ETFs saw $326.5 million in outflows on Monday, led by Grayscale’s GBTC with $145 million and Fidelity’s FBTC with $93 million, according to SoSoValue. Ethereum ETFs also recorded heavy redemptions, with $428.5 million in withdrawals on October 13—its largest single-day outflow in five weeks—driven by $310.1 million pulled from BlackRock’s ETHA.
Altcoins, including Cardano (ADA), Ripple’s native token XRP (XRP), and Dogecoin (DOGE), also traded lower, each losing more than 6% in the last 24 hours.
Binance Coin (BNB) was the worst hit among the top 10 cryptocurrencies by market capitalization. BNB’s price fell more than 10.5% in the last 24 hours, trading at around $1,170 – 14% below its record high of more than $1,300 seen just last week. However, retail sentiment around the token remained in ‘bullish’ territory amid ‘high’ levels of chatter over the past day.
CoinGlass data showed more than $100 million in crypto liquidations over the past hour, compared with $716 million over the previous 24 hours. The overall cryptocurrency market fell as much as 4.5%, valued at around $3.8 trillion at the time of writing.
On the equities side, shares of Strategy (MSTR), the largest corporate holder of Bitcoin, dipped nearly 5% in pre-market trade. Meanwhile, shares of Ethereum-backed digital asset treasury (DAT) firm Bitmine Immersion Technologies (BMNR) dropped more than 7%. Crypto-exchange Coinbase (COIN) slipped 4.7%.
Investors will now be looking to Powell’s comments later Tuesday, which could provide new signals on the Fed’s policy path. Traders are also monitoring fresh signs of strain in U.S.-China relations following reports that the countries have started charging new port fees on each other’s ships on Tuesday. Moreover, on Tuesday, new U.S. tariffs took effect on imported timber, kitchen cabinets, and upholstered furniture, much of which comes from China.
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