Bitcoin sees dramatic slide below $65K over four hours

Bitcoin ($BTC) hit a 24-hour low of $64,760 on March 21 — just 18 hours after hitting a daily high of $68,120.

Most of the drop occurred over a shorter period, as $BTC fell 3.2% from $66,906 to $64,760 within three hours. Bitcoin had only slightly recovered above the $65,000 mark as of press time, with downward pressure remaining in the market.

The flagship crypto was trading at $65,131 at 8:50 pm UTC with a market cap of $1.28 trillion — representing an overall drop of 3% over the past 24 hours. Despite Bitcoin’s daily lows, its price remains at a 27-month high.

The rest of the market mostly saw similar dips, with almost all the top ten coins down 3% to 5% over the past few hours.

Solana experienced one of the biggest dips, falling from its local high of $195 to a daily low of $176 before recovering slightly to $179 as of press time.

Meanwhile, Ethereum’s drawdown was less severe, with the price only falling from $3593 to $3421 over the time period. The second largest crypto by market cap was trading at $3500 as of press time.

Longs rekt

Bitcoin long positions saw heavy liquidations of around $14 million over the past four hours, compared to $3 million in shorts, indicating a strong influx of bearish momentum in the market after the market’s rally.

Meanwhile, total liquidations over the time period, including the entire market, stood at $46.27 million, with longs accounting for $36.39 million.

The market has remained extremely volatile since March 18 amid a correction following Bitcoin’s surge to a new all-time high of $73,881 weeks before the halving. The rally caused

The past 24 hours paint a vivid picture of volatility, as a total of $192.1 million was liquidated from the market, with longs and shorts accounting for $111.03 million and $81.07 million, respectively.

ETF inflows slowing

Bitcoin has struggled to sustain a strong rally back to its all-time high amid sustained selling from Grayscale to the tune of billions of dollars. The firm’s spot Bitcoin ETF has sold off roughly 261,564 $BTC since its launch in January, with not a single day of inflows.

Most of the selling pressure was countered by the Newborn Nine ETFs, which have seen record-setting performance and inflows since their inception. The ETFs have amassed hundreds of thousands of $BTC in less than three months and driven demand to all-time highs.

However, the Newborn Nine’s inflows saw a sharp decline over the past week amid the market decline, resulting in back-to-back net outflow days. The ETFs only recorded $125.0 million in inflows on March 20, compared to $386.6 million in GBTC outflows — totaling $261.6 in net outflows overall.