Running for the Exits: Crypto Daybook Americas
Bitcoin fell below $100,000 amid a broader market crash, leading to significant ETF outflows and liquidation waves.Summary
The crypto market experienced a significant drawdown, with the CoinDesk 20 (CD20) index slumping 8.35% as Bitcoin dropped below $100,000, mirroring losses in traditional indices like the Dow and Nasdaq. Spot bitcoin ETFs saw the second-largest daily exit on record, totaling $869 million in outflows on Thursday, contributing to $2.64 billion lost over three weeks. Market makers like Wintermute noted cautious positioning, seeing downside hedging for Ether options but no appetite to chase big downside for BTC. The sell-off triggered over $1.11 billion in liquidations, exacerbated by declining expectations for a December U.S. interest-rate cut and concerns over an AI bubble cooling. Despite positive milestones, such as the Czech National Bank buying BTC and a spot XRP ETF debut, macro headwinds are pressuring prices. Key events to watch include token unlocks for WCT, CONX, STRK, and ARB, and governance votes by Convex Finance.
(Source：CoinDesk)