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2024-04-02

Leveraged traders record losses of more than $165 million

A sudden 5% drop in the price of Bitcoin on Tuesday saw investors with leveraged exposure to Bitcoin and other cryptocurrencies suffer more than $165 million in losses in less than 2 hours.
Bitcoin fell 5% from $69,450 to just $65,970 in less than 30 minutes in the early morning hours of March 2 UTC, according to TradingView data.
According to Coinglass data, the sharp drop in Bitcoin's price resulted in the loss of more than $165 million in leveraged positions, with just over $50 million in Bitcoin long positions and more than $40 million in Ethereum long positions, which account for most of that number.
Around the same time as the withdrawal, Bitcoin exchange-traded funds (ETFs) saw a net outflow of $86 million, breaking a four-day streak of positive inflows, according to FarSide data.
The BlackRock ETF emerged as the top-performing fund with net inflows of $165.9 million, while Fidelity came in second with $44 million.
However, the inflows were halted by GBTC Grayscale, which recorded outflows of $302 million, bringing the daily net outflows of all funds to $85.7 million.

It is unclear whether the USDT fluctuations were an error in the API of some data-tracking modules, or whether the value of the currency was suddenly lost - however, the short depeg did not appear in other price-tracking modules.