Bitcoin Plunges Under $60K; Crypto Bulls Lose $200M as Dogecoin, Solana Tokens Drop 10%

Crypto bulls lost nearly $200 million in the past 24 hours as the week's sell-off worsened over the weekend.

Bitcoin dropped below the $60,000 level early Sunday as a market sell-off continued into its fourth day, with bullish futures bets losing nearly $200 million in the past 24 hours.

Bitcoin dropped 4% in the past 24 hours, CoinGecko data shows, reaching a three-week low to trade at $59,400. Among majors, Solana’s SOL and dogecoin (DOGE) dropped more than 9%. BNB Chain’s BNB, xrp (XRP) and Cardano’s ADA fell at least 6%. Toncoin (TON) fared relatively better with a 1.8% loss.

Ether (ETH) fell under $2,900, retracing all gains from its run to $3,400 in July as spot ETH exchange-traded funds (ETFs) were approved for trading in the U.S. The products have recorded net outflows on six days out of nine days of trading, SoSoValue data shows, seeing $510 million in total net outflows since launch.

The broad-based CoinDesk 20 (CD20), a liquid index that tracks the largest tokens, minus stablecoins, fell 5.73%.

Bullish futures bets lost nearly $200 million, CoinGlass data shows, as more than 97,000 traders were liquidated in the past 24 hours on the sudden market movements. ETH longs led losses at $55 million, followed by bitcoin longs at $43 million, the data shows.

Some traders earlier cautioned of a possible BTC move to the $55,000 level, as reported on Friday, amid geopolitical tensions in the Middle East and dampened sentiment for risk assets such as technology stocks.