Bitcoin and Ethereum sink to 3-month lows, but a bigger crypto selloff may be ahead
Summary
Bitcoin fell to $71,317 and Ethereum briefly slipped below $2,000 as the crypto market lost about $550 billion in value since October. Roughly $727 million in leveraged positions were liquidated over 24 hours, mostly bullish bets. The selloff coincided with outflows from US crypto funds, shrinking stablecoin supply and weakening Bitcoin demand. Bitcoin also dropped below its 200-day moving average. Analysts identified around $68,000 as a possible near-term support level, while an on-chain valuation measure points to a historical reference near $52,700. Neither level guarantees a bottom; the metric can change with on-chain activity.
