Bitcoin, the leading cryptocurrency, has dropped below $58,000 after a lackluster weekend in the crypto markets.
Trait Newspaper learnt that over the weekend, Bitcoin, Ethereum, and other altcoins experienced significant price drops, with crypto exchanges reporting large volumes of liquidations.
Earlier today, Bitcoin was trading at $57,500, marking a 1.5% decrease in the last 24 hours and a nearly 10% decline over the past week.
Despite the recent dip, Bitcoin remains the largest cryptocurrency with a market capitalization of $1.1 trillion, maintaining a 54% market dominance.
Bitcoin wasn’t the only cryptocurrency to experience a drop over the weekend. Ethereum, the largest altcoin and the second-largest crypto asset by market cap, also saw a significant decline.
At the time of this report, Ethereum is trading at $2,440, reflecting a 1.7% decrease over the past day and an 11% drop over the past week.
Solana, on the other hand, is currently trading at $129.63, down by 1.7% in the last 24 hours and 18.8% over the past seven days.
In the last 24 hours, Coinglass data revealed that Bitcoin long liquidations on centralized exchanges exceeded $41.5 million, contributing to a total of $50 million in overall Bitcoin liquidations.
The broader cryptocurrency market saw over $162 million in liquidations, with about $135 million coming from long positions.
Coinglass data also indicated that funding rates for Bitcoin futures across derivatives exchanges have turned negative following the decline, suggesting a bearish sentiment among traders.
The price drop in Bitcoin over the weekend followed a week of net outflows from 12 spot Bitcoin ETFs.
According to data from Farside Investors UK, last Friday, the final trading day of the week, the 12 spot Bitcoin ETFs recorded an outflow of $175.6 million.
The outflow was led by Grayscale’s GBTC, which saw $70.2 million leave the fund, followed by Ark and 21Shares’ ARKB, which recorded $65.0 million in outflows. Bitwise’s BITB came in third with a $16.4 million outflow.
Last week, the 12 spot Bitcoin ETFs in the U.S. recorded a net outflow totaling $276 million.
These outflows might have contributed to the decline in Bitcoin prices over the weekend.
Bitcoin remains the dominant cryptocurrency, with its price fluctuations historically influencing the prices of other crypto assets in the market.
