WASHINGTON (dpa-AFX) - Cryptocurrencies extended losses in the past 24 hours amidst unabated outflows from Bitcoin and Ethereum Spot ETF products in the U.S. Concerns about frothy valuations in the equity market dampened sentiment in Wall Street on Tuesday which soon spilled over to the digital assets space. Bitcoin dropped below the $100k level after a gap of close to 5 months.
Sky-high stock valuations triggered a sell-off in Wall Street on Tuesday. The Nasdaq Composite plunged more than 2 percent to close at 23,348.64. The S&P 500 erased 1.2 percent to end the day's trading at 6,771.55. The Dow Jones also slipped more than half a percent to close at 47,085.24.
Data from Coinglass showed crypto liquidations in the past 24 hours at $1.72 billion comprising long positions of $1.3 billion and short positions of $406.5 million. Liquidation refers to the process of forcibly closing a trader's positions when a trader's margin account can no longer support open positions due to significant losses or a lack of sufficient margin to meet the maintenance requirements.
Markets also digested reports of French semiconductor business Sequans Communications S.A. (SQNS) offloading Bitcoin from its treasury to pay back own debt. Shares of the company that had erased 16.6 percent on Tuesday have since rallied close to 10 percent in Wednesday's pre-market trading. Data from Coinglass shows that the company is currently ranked 33rd among global Bitcoin treasuries with a holding of 2264 BTC.
Bitcoin reserves of public companies currently aggregate to 1.05 million or 5.24 percent of Bitcoin circulating supply. Virginia-headquartered Strategy Inc (MSTR) tops the list with a holding of more than 641k Bitcoins.
Bitcoin-based Spot ETF products in the U.S. witnessed outflows of $566 million on Tuesday versus outflows of $187 million on Monday. Fidelity Wise Origin Bitcoin Fund (FBTC) topped with record outflows of $357 million.
Ethereum-based Spot ETF products witnessed outflows of $219 million on Tuesday as compared with outflows of $136 million a day earlier. iShares Ethereum Trust ETF (ETHA) topped with outflows of $111 million.
Aggregate crypto market capitalization has declined 2.1 percent overnight to $3.38 trillion. Only 15 of the top 100 cryptocurrencies have gained more than a percent overnight whereas 57 have declined more than 1 percent. The 24-hour trading volume however jumped 26 percent to $286 billion.
Meanwhile, the CMC Fear and Greed Index, a proprietary tool developed by CoinMarketCap to measure the prevailing sentiment in the cryptocurrency market penetrated further into the fear territory with a decline to 20. The same was at 27 (fear) a day ago and 39 (fear) a week ago.
Bitcoin has declined 1.9 percent overnight to $101,763.58, around 19 percent below the all-time high of $126,198.07 recorded on October 7. The original cryptocurrency has recorded losses of 10 percent over the past week and gains of a little less than 9 percent till date in 2025. The 24-hour trading range was between $104,735.68 and $98,962.06.
Ethereum also tumbled 5.3 percent overnight to trade at $3,298.10. at current levels, the leading altcoin is trading with year-to-date losses of 1 percent. Ether's current trading price is 33 percent below its all-time-high. The 24-hour trading ranged between $3,583.34 and $3,063.09.
4th ranked XRP declined 1.5 percent overnight at its current trading price of $2.23.
5th ranked BNB also slipped 1 percent as it changes hands at $943.34.
The price of 6th ranked Solana decreased 2.8 percent overnight to $156.20.
TRON ranked 8th overall however rallied more than 2 percent overnight and is currently changing hands at $0.2861.
9th ranked Dogecoin lost 1.2 percent overnight and is currently changing hands at $0.1632. DOGE has lost more than 48 percent till date in 2025.
10th ranked Cardano dropped 2.1 percent overnight to trade at $0.5298.
43rd ranked Aster (ASTER) rallied 9.6 percent. 32nd ranked Bitget Token (BGB), 11th ranked Hyperliquid (HYPE) and 97th ranked ZKsync (ZK), all gained more than 6 percent in the past 24 hours.
56th ranked Dash (DASH) topped overnight losses among the top 100 cryptocurrencies with a decline of 26.7 percent. 83rd ranked Decred (DCR) followed with overnight losses of 23.7 percent.
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