Bitcoin long liquidations hit almost $40 million as price plunges below $65,000

Bitcoin BTC -3.80% long liquidations hit almost $40 million in the past 24 hours as the price dropped to a weekly low of just above the $64,000 mark.

According to Coinglass data , there were over $39 million in bitcoin long liquidations in the past 24 hours out of a total of $45 million in liquidated BTC positions. In the wider cryptocurrency market, there were over $212 million in liquidations over the past 24 hours. Of these liquidations, the vast majority — around $178 million — were long positions.

Bitcoin is holding precariously above the $64,000 mark, falling by over 3.6% in the past 24 hours, and was trading at $64,033 at 5:35 a.m. ET, according to The Block’s Price Page . Data from The Block shows  ether posting a drop of 3.5% to $3,137 in the same period.

Deceleration in ETF inflows

Grayscale's converted GBTC fund saw $130.42 million in outflows on Wednesday, and inflows from other spot bitcoin exchange-traded funds either slowed or paused. Eight other funds, including BlackRock’s IBIT and Bitwise’s BITB, recorded zero flows on the same day.

BlackRock's ETF saw its first day without inflows after a 71-day streak of inflows into its fund. Only Fidelity’s FBTC and the ARK 21Shares Bitcoin ETF saw inflows on Wednesday, with $5.6 million and $4.2 million, respectively, according to SoSoValue  data . 

Bitcoin dominance edged down slightly over the past day to 50.8%, with ether dominance seeing a slight uptick to 15.4%, according to Coingecko data . The global cryptocurrency market cap decreased by around 3.6% in the past 24 hours and now stands at $2.49 trillion, according to The Block's Prices Page .

The GM 30 Index , representing a selection of the top 30 cryptocurrencies, fell 4% to 132.81 in the same period.