Bitcoin Value Drops Beneath $59,000 as ETFs Finish Eight-Day Profitable Streak – “The Defiant”

Crypto markets dropped on Wednesday in response to Bitcoin ETFs recording outflows on Tuesday after eight consecutive days of optimistic inflows.

Bitcoin (BTC) plunged 5% to $58,900, whereas Ethereum (ETH) dropped by 3%. Polkadot (DOT) was down 7%, and Solana (SOL) plummeted 8%.

U.S. Bitcoin exchange-traded funds (ETFs) recorded outflows of $127 million on Tuesday, breaking an eight-day streak of inflows, in accordance to information from Farside Traders.

ARK 21Shares Bitcoin ETF (ARKB) led the outflows with $102 million, marking its largest outflow up to now. Grayscale Bitcoin Belief (GBTC) reported web outflows of $18.32 million, whereas Bitwise Bitcoin Fund (BITB) logged $6.76 million.

$315 Million in Liquidations

In accordance with CoinGlass information, over 87,346 merchants have been liquidated within the final 24 hours, inflicting complete liquidations to cross $315 million. Bullish bets on BTC and ETH, value $81 million and $78 million, respectively, have been among the many liquidated belongings.

The ‘Crypto Fear and Greed Index’ signifies a state of “fear” available in the market, with a rating of 30.

DOGS (DOGS), a memecoin on the TON blockchain, was the highest gainer among the many prime 100 cryptocurrencies by market capitalization, with a 24% improve. Popcat (POPCAT) and Helium (HNT) additionally recorded 10% and three% good points, respectively. Maker (MKR) and Polygon (MATIC) have been among the many worst performers, dropping between 10% and 12%.

DOGS was impressed by Spotty, a mascot promoted by Telegram founder and CEO Pavel Durov, who was arrested in France on Aug. 24. On Monday, DOGS was listed on main exchanges like Binance, Bybit, OKX, Bitget, and Gate.

In conventional markets, shares dropped once more on Wednesday as traders awaited Nvidia’s quarterly earnings report. The S&P 500, the Dow Jones Industrial Common, and the Nasdaq Composite dipped by over 1%.

“We believe that any dip in equities (and crypto) will be short-lived. With Powell and the Fed ready to kickstart a rate-cutting cycle, increased liquidity will eventually push risk assets higher. We are finally on the cusp of a rate-cutting cycle,” wrote buying and selling agency QCP Capital.