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Anndy Lian: Bitcoin drops to $61,300 as $1.6 billion in leverage is wiped out
Anndy Lian reports that Bitcoin has dropped to $61,300, resulting in $1.6 billion in leveraged positions being wiped out.
Spot Bitcoin ETFs experienced 13 consecutive days of outflows totaling $4.4 billion, and major altcoins such as Solana and XRP also suffered sharp declines. Lian notes the market is in the process of clearing out overleveraged speculators before any potential recovery.
Earlier in the week, Lian reported Bitcoin dropping 6.09 percent to $66,867.60 as institutional investors reduced their exposure to digital assets, according to previous coverage. He also observed a 4.42% daily contraction in the cryptocurrency market, bringing total capitalization down to $2.2 trillion during a bout of large-scale liquidations, as detailed here. These moves highlight a period of increased volatility and liquidation activity in recent sessions.
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