Bitcoin (BTC) hit a one-month low after experiencing three consecutive days of outflows from its spot exchange-traded funds (ETFs).

The leading digital asset surged to $67,000 before dropping to approximately $64,500 during early Asian trading hours. Other major cryptocurrencies such as Ethereum (ETH), Solana (SOL), and Toncoin (TON) also saw significant declines, each losing more than 3%.

Markus Thielen, founder of 10x Research, suggested that the recent downturn in altcoin prices was expected due to substantial token unlocks last week. He pointed out that digital assets like Aptos, IMX, Starknet, SEI, and Arbitrum had unlocks totaling $483 million, prompting venture capital investors to cash out and adding downward pressure on Bitcoin.

He commented:

"The crash in altcoin volumes in Korea also reduced funding rates, which slowed down Bitcoin ETF flows. Despite weak inflation data, Bitcoin's failure to rally has been surprising, but the crash in Ethereum and other altcoins may have been foreseeable."

Liquidations totaling $455 million were reported by Coinglass, affecting over 172,000 crypto traders in the past day. Long traders incurred losses of $393 million, while short traders saw $62 million liquidated.

Ethereum speculators faced substantial losses, accounting for about $92 million, representing 20% of total losses. Long ETH positions lost $75 million, while short positions lost $16 million.

Bitcoin experienced $47.43 million in long liquidations and $22.71 million in short liquidations. Solana, XRP, and Dogecoin also saw notable liquidations, totaling $18 million, $4 million, and $60 million, respectively.

Binance traders represented more than 37% of total market losses, amounting to $170 million in the past day. The largest single liquidation reported was a $6.64 million long ETH position.