The post Bitcoin Leads Latest Crypto Market Selloff Amid Key ETF Outflows and Liquidations appeared on BitcoinEthereumNews.com.

The crypto market experienced a significant downturn today, attracting widespread attention. A plethora of major cryptocurrencies, including Bitcoin, Ethereum, DOGE, and SHIB, have endured notable losses. The market saw over $123 million in liquidations within the last 24 hours, underpinning the extent of this downturn. The crypto market faces a sharp decline today with major cryptocurrencies like Bitcoin and Ethereum taking a hit. Dive into the key reasons behind this selloff and how it impacts the market. Key Drivers Behind the Crypto Market Selloff Several factors contribute to the abrupt downturn in the crypto market, with multiple key drivers influencing investor sentiment and market dynamics. Concerns Over Bitcoin ETF Outflows After five consecutive days of positive inflows till July 1, the U.S. Spot Bitcoin ETF saw significant outflows. July 2 marked an outflux of $13.7 million, overshadowing inflows from major entities like BlackRock’s IBIT and Fidelity’s FBTC totaling $19.5 million. However, GrayScale’s substantial outflow of $32.4 million neutralized any gains, causing investor apprehension. These fluctuations suggest that investors are wary and possibly looking for more stability before reentering the market. Impending Options Expiry TRUSTED BY COINOTAG,Did you missed $MEME, $PEPE or Bitcoin? No worries! Click here to sign up chosen altcoin exchange! The expiration of significant BTC and ETH options is another critical factor causing uncertainty in the market. According to Deribit, BTC options worth over $1.04 billion with a put/call ratio of 0.80 are set to expire soon, with a maximum pain price of $63,000. Concurrently, ETH options valued at $479.30 million, with a put/call ratio of 0.38 and a maximum pain price of $3,450, are also nearing expiry. These impending expiries force traders to adjust their positions, contributing to increased market volatility and decreased risk appetite. Potential Delay in Ethereum ETF Launch Market participants were eagerly awaiting the…

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Filed under: News - @ July 3, 2024 8:22 am