The crypto market is gripped by fear as Bitcoin (BTC) briefly dipped below $59K in the last 24 hours. Although the price rebounded to above $60K today, the flagship cryptocurrency continues to close below both the 50-day and 200-day Moving Averages (MA), signaling a looming bearish trend.
In the past 24 hours, the total cryptocurrency market capitalization fell by around 2%, settling at $2.21 trillion as of Friday, October 11, during early Asian trading hours. This decline resulted in nearly $200 million in liquidations, mostly from long traders betting on a market recovery.
On-chain data reveals a rise in profit-taking by crypto whales, further dampening bullish momentum. In the last three days alone, Bitcoin whales have sold over 30,000 BTC—worth nearly $2 billion—adding pressure to the market.
On Thursday, U.S. spot Bitcoin ETFs saw net outflows exceeding $109 million, led by Fidelity’s FBTC. This, combined with the anticipated $1.3 billion Ethereum selloff by the Chinese government and the Ethereum Foundation’s recent offloading, has rattled investors. U.S. spot Ether ETFs also reported a net outflow of almost $15 million the same day.
Cryptoquant’s data highlights that leveraged trading has surged to its highest level this year, with investors placing increasingly risky bets on the market’s direction. According to market analyst Ali Martinez, this spike in leverage could lead to heightened volatility across the entire crypto space.
Veteran trader Peter Brandt has issued a warning: despite the Federal Reserve’s rate cuts and a rally in gold prices, Bitcoin’s 30-week bearish streak suggests that further price drops are likely. Brandt’s outlook underscores the cautious sentiment permeating the market, as traders brace for more turbulence.
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