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The drop in the price of bitcoin (BTC) has led to multi-million dollar losses in the futures market, with the massive liquidation of leveraged positions.
In the last 24 hours alone, the bitcoin and cryptocurrency futures market experienced liquidations of USD 330 million. 87% of that corresponds to bullish positions, according to data from explorer Coinglass.
The price of bitcoin has seen a pullback in the last two weeks after reaching USD 49,000, its highest in two years. This came after 11 spot bitcoin ETFs in the United States were given the green light.
One of the factors driving down the price of BTC is that the largest spot bitcoin exchange-traded fund, Grayscale Bitcoin Trust (GBTC), has had daily multi-million dollar outflows, leading it to sell BTC generating downward pressure in the market.