Market price fluctuations
Bitcoin traded as low as $62,000 before recovering to $64,910 by late Sunday afternoon, representing a 14.2% drop for the week according to The Block’s Bitcoin price page. The selloff across major cryptocurrencies triggered $2.02 billion in total liquidations from 8 a.m. ET Saturday to 8 a.m. ET Sunday, as major assets like Ether and Solana faced steep declines of 18.2% and 19.7% respectively.
| Metric | Value |
|---|---|
| Bitcoin weekly change | -14.2% |
| Ether weekly change | -18.2% |
| Solana weekly change | -19.7% |
| Total liquidations (Sat-Sun) | $2.02 billion |
| Long liquidations | $1.68 billion |
| Short liquidations | $342.4 million |
Long positions accounted for $1.68 billion of the total, while shorts represented $342.4 million, according to CoinGlass’s hourly data, as the 24-hour tally fell to $742.9 million by 4:30 p.m. ET Sunday. The total liquidation of $2.02 billion occurred between 8 a.m. ET Saturday and 8 a.m. ET Sunday.
CZ addresses rumors
CZ addresses rumors regarding Binance’s activity during the price slump directly. Changpeng "CZ" Zhao, the Binance co-founder and former CEO, denied rumors that the world’s largest exchange was selling crypto following its record-breaking hack on Oct. 29. "No, Binance did not sell crypto," Zhao wrote in a post on X. He explained that he used stablecoins he recently received to buy crypto over the past few days. Zhao cited withdrawals from U.S. spot bitcoin ETFs and expectations of another Federal Reserve rate hike as possible reasons for the slide, while also suggesting investors could be freeing up cash for the planned Anthropic IPO. He also pointed to security concerns following the October Binance hack.
The market weakness follows significant outflows from US spot bitcoin ETFs, which saw $1.91 billion in net outflows over seven straight trading days through Friday. Spot ether ETFs also lost $398.9 million last week, marking their seventh consecutive week of withdrawals. This total approaches the record of eight consecutive weeks of withdrawals previously set by ether ETFs. The $2.02 billion in liquidations and the security concerns at Binance remain present for investors.
