Electric Eel: Bitcoin's Plunge Triggers "Stampede,"

Indra55

"Electric Eel Finance" has learned that the recent approval of a Bitcoin spot ETF by the US SEC has been followed by frequent plunges in Bitcoin, leading to numerous liquidations in the crypto market.

In recent days, Bitcoin has repeatedly fallen below the $40,000 psychological support level, and other cryptocurrencies in the virtual currency market have also experienced significant declines.

Affected by the overall downward trend in the Bitcoin market, the total market value of virtual currencies has also shrunk significantly. According to relevant data, during the decline of Bitcoin, the market value of virtual currencies evaporated by over $49.5 billion (approximately ¥354.9 billion).

It is reported that the continuous decline in Bitcoin prices has also resulted in poor performance for the initial batch of Bitcoin spot ETFs, with several ETFs experiencing declines of over 10% since their listing. Industry insiders suggest that the recent large-scale redemptions and selling by Grayscale GBTC investors, coupled with increased expectations of Bitcoin selling pressure, have led to a slowdown in net capital inflows. This shift in market sentiment from greed to fear has caused some investors to relinquish their positions, contributing to the sustained downturn in the market.

The sharp decline in virtual currencies serves as a warning to investors. Investing in virtual currencies requires a high risk tolerance, and investors need to approach it with rationality, avoiding blindly following trends.

Iti9

So much evaporation all at once?

Jafar224

When it was rising so much, where did everyone go?

Ritu13

This time, it has exceeded by a lot.

Kabir903

There's no way to avoid the market value evaporation.