Crypto Market Decline: Bitcoin and Ether Down Over 9% in a Week

Bitcoin ETF Net Withdrawals Total $276 Million Amid Crypto Market Decline

During the weekend, there was a minor decline in the crypto market. With a loss of 1.47% over the last 24 hours and roughly 9.80% over the past week, the price of bitcoin is currently trading at $55,518. With a market capitalization of $1.1 trillion, the biggest cryptocurrency continues to have a 54% market share. The second-biggest cryptocurrency, ether, is currently trading at $2,441, down 1.70% from the previous day and 10.93% from the previous week.

• Coinglass data shows that around $41.5 million worth of Bitcoin long liquidations have occurred on centralized exchanges in the last 24 hours, out of a total of $50 million in position liquidations.
• Over $162 million was liquidated in the larger cryptocurrency market, of which about $135 million was from long holdings.
• According to Sosovalue statistics, there were net outflows of $276 million from spot Bitcoin ETFs in the United States during the previous week, which was followed by the most recent decline.

Bearish Trends Dominate Bitcoin Futures as Miner Revenues Drop to Yearly Low

According to CoinGlass data, financing rates for bitcoin futures have changed from positive to negative on derivatives exchanges throughout the decline, indicating that traders are currently taking a bearish view. Furthermore, according to The Block’s data dashboard, the amount of money earned by Bitcoin miners in August reached a record low for the year, with subsidies and fees totaling $851 million, of which just $20 million came from on-chain fees.

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