The Bitcoin price drop below $100,000 on Jan. 8 triggered a surge in liquidations, resulting in the withdrawal of nearly $570 million from US-listed spot Bitcoin ETFs.
This is the second-largest daily net outflow since launch and only $100 million less than the previous record of $671.9 million on Dec. 19, according to Farside data.
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The Fidelity Wise Origin Bitcoin Fund recorded its largest single-day outflow at $258.7 million, accounting for about 45% of the day's total outflow. Over the past 24 hours, the crypto market recorded liquidations worth $521 million, according to data from CoinGlass.
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This drop in the price of Bitcoin, which briefly hit $92,500, was mainly attributed to concerns about the US Federal Reserve tightening monetary policy by 2025, according to Ryan Lee of Bitget Research.