Bitcoin Trades Flat Amid $500 Million of Crypto Liquidations

The cryptocurrency market started the week mixed, with investors’ focus shifting from Bitcoin to Ethereum and altcoins.

Bitcoin (BTC) is down 1% in the past 24 hours to $95,800, while Ethereum (ETH) climbed 4% and Solana (SOL) dipped 3%. The total crypto market capitalization remains steady at $3.45 trillion.

DeFi tokens are outperforming, with Lido (LDO), Maker (MKR) and Uniswap (UNI) rallying between 11% and 16%.

In the broader market, $499 million worth of leveraged positions were liquidated over the past 24 hours, with $287 million originating from long positions, according to CoinGlass. Bitcoin and Ethereum accounted for $112 million in combined liquidations.

Spot Bitcoin exchange-traded funds (ETFs) in the United States recorded significant inflows last week.

Data from Farside Investors revealed $3.38 billion in net inflows, marking a 102% increase from the prior week’s $1.67 billion. This surge represents the largest weekly inflows recorded for spot Bitcoin ETFs since their debut in January.

CoinShares data also highlighted year-to-date inflows of $37 billion into digital asset investment products, with Bitcoin leading the charge.

Altcoins Gain Momentum as Bitcoin Dominance Drops

As Bitcoin approaches the $100,000 milestone, investor attention appears to be gradually rotating toward Ethereum and altcoins. BTC dominance dropped from 62% to 59% over the past week, suggesting increased interest in alternative cryptocurrencies.

“Crypto dipped lower yesterday as more than $100 million worth of BTC and ETH positions were liquidated across exchanges,” wrote digital asset trading firm QCP Capital.

QCP Capital added that Ethereum’s risk reversals are skewed in favor of calls, with traders anticipating significant activity in the lead-up to the end of the year.

Meanwhile, MicroStrategy shares jumped 7% in premarket trading following a significant price target upgrade from Bernstein.

“We believe Bitcoin is in a structural bull market with conducive regulation and U.S. government support, institutional adoption, and favorable macro conditions (low rates, inflation risk, and record fiscal debt),” Bernstein said.