Bitcoin has undergone a decline from levels above $70,000, with significant volatility leading to a rise in liquidations.

On a recent Tuesday, Bitcoin's price briefly surpassed $70,000 but swiftly dropped by 3.5% to about $67,000, resulting in numerous liquidations of leveraged positions across the market.

The primary digital asset by market cap is currently trading at $67,400, according to data from The Block, representing an 8.5% decrease from its all-time high of $73,737 recorded on March 14.

With the approval of spot Ethereum ETFs, volatility surged, leading to over $378 million in leveraged positions being liquidated within the last 24 hours, of which $295 million were long positions, as reported by CoinGlass data.

Ether, the leading cryptocurrency, witnessed over $147 million in liquidations, including $105 million from long positions.

Liquidations occur when traders' positions are automatically closed due to insufficient funds to maintain their positions, often due to market movements depleting initial margins or collateral.

In the midst of this volatility, the price of ETH experienced significant fluctuations, reaching a new monthly peak of $3,937 before retracting to $3,710 at the time of reporting. Nevertheless, Ether's price has seen a 20% increase since the beginning of the week.

Other major altcoins like SOL saw a slight drop to $167, marking a daily decline of 4%. The GM 30 Index, representing the top 30 cryptocurrencies, increased by 3.8% to 143 over the past 24 hours.

Additionally, the U.S. Securities and Exchange Commission (SEC) approved eight spot Ethereum ETFs from various firms, including BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark Invest, Franklin Templeton, and Invesco Galaxy. This development came just four months after the authorization of spot Bitcoin ETFs.