Crypto Market Turmoil: Liquidations Soar to $1B as Bitcoin Dips Below $73K

The crypto market has experienced a significant downturn over the past day, with nearly $1 billion in liquidations recorded. This development comes as Bitcoin's price dipped under $73,000, marking a decline of 3.3% from its previous day's value.

According to Coinglass data, the total amount of positions liquidated across the crypto market stands at $931 million over the past 24 hours. This figure highlights the extensive use of high leverage by investors, despite Bitcoin's price remaining within a narrow range of $77,000 to $78,000.

Furthermore, spot Bitcoin ETFs have been experiencing outflows over the past two weeks, with this week alone recording outflows worth $1.02 billion. This trend is also reflected in BlackRock's IBIT, which saw approximately $1.3 billion traded in a dark pool on Tuesday, raising concerns about its impact on the ecosystem.