Bitcoin dips below $64,000 as stocks hit record highs
Bitcoin dropped below $65,000, despite major stock indices hitting record highs fueled by rate-cut expectations.The bitcoin price correction over the past day led to the substantial liquidation of long positions on centralized exchanges.
The value of the largest cryptocurrency by market cap decreased by over 4% in the past 24 hours, trading at $63,990 at 8:46 a.m. ET.
Bitcoin has fallen by over 4% in the past 24 hours. Image: The Block.
Market volatility over the past day
The bitcoin price correction over the past day led to the substantial liquidation of long positions on centralized exchanges. This volatility resulted in the liquidation of more than $54 million in bitcoin positions, with the majority — over $40 million — being longs, according to CoinGlass data .
The second-largest crypto, ether , also experienced a 3.4% downturn over the past day — now at $3,417 at 8:46 a.m. ET. SOL, the native coin of the Solana network, was hit harder, sliding by over 8% in the same period, according to The Block’s Prices Page .
The overall crypto market experienced over $134 million in liquidated long positions in the last 24 hours, contributing to a total of $192 million in liquidations across various centralized exchanges, the data show. (Liquidations occur when a trader’s position is forcibly closed due to a lack of funds to cover losses. This happens when market movements are unfavorable to the trader’s position, leading to the depletion of their initial margin or collateral.)
Declining bitcoin liquid supply
Bitcoin exchange reserves have fallen to a multi-week low, indicating an increase in investors removing their coins as part of a long-term holding strategy.
According to CryptoQuant data, in the past month, there has been an outflow of over 44,600 bitcoins, resulting in exchange reserves hitting a multi-week low of just over 2 million bitcoins.
The outflow of bitcoin from exchanges to cold storage has been a trend since the beginning of the year, possibly driven by the rise in the digital asset's price and spot bitcoin ETF inflows.
Bitcoin exchange reserves are falling. Image: CryptoQuant.
The GM 30 Index , representing a selection of the top 30 cryptocurrencies, has increased by 3.81% to 143.15 in the past 24 hours.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Major capital shift! Investors in Hong Kong and parts of Shanghai turn bearish on storage
A Bank of America roadshow indicates that Hong Kong investors have become noticeably bearish on storage stocks, with some having already reduced their holdings early. Meanwhile, after visiting Shanghai, analyst Jukan straightforwardly stated he has "lost the conviction to hold"—local veteran investors pointed out that even if the P/E ratio of storage stocks is only 3, should prices fall below the LTA in 2028 and trigger a default, the actual valuation would soar to 7.8 to 10 times, which is not cheap.
After the "bloodbath" in tech stocks, Anthropic IPO faces a crisis: Is it still worth $1.5 trillion? Should it go public at this moment?
As $2.5 trillion was wiped out from tech stocks in a single day, the IPO plans of AI star Anthropic are on shaky ground. Three major investors have explicitly questioned the $1.5 trillion target valuation, with some parties believing its actual value is closer to $1 trillion. Doubts have also emerged over whether the November roadshow will proceed as planned. Ongoing losses, missing key revenue data, and sudden shifts in AI policy—all add up to multiple headwinds, causing this listing, once poised to set the record for the largest IPO in history, to now face three tough choices: a discounted valuation, a reduced offering, or outright postponement.
Data centers are just a "bonus" - Bernstein provides a detailed explanation of GE Vernova (GEV.US) long-term growth logic
Bernstein has released a research report, reiterating its "Outperform" rating on GE Vernova (GEV.US) and setting a target price of $1,298, which is 69% higher than the latest closing price.
Crypto prices
More
