$240 Million Liquidation in Crypto Market: Sharp Pullback in Bitcoin and XRP

Major Loss in Market Value The cryptocurrency market has declined by 4.4% to $2.23 trillion due to increasing selling pressure.
Bitcoin's retreat to the $64.8k level triggered a $240 million liquidation wave across the market.
This pullback is pushing the total market capitalization toward the critical psychological support level of $2 trillion.
Liquidations and Leverage Effect According to derivatives market data, the sudden drop in prices led to the liquidation of approximately $240 million in long positions.
This rapid unwinding of leveraged trades, combined with forced sales by investors who took positions expecting an increase, deepened the decline.
Analysts point out that more than $1 trillion has been lost from the market value over the last 139 days.
ETF Outflows and Institutional Demand Significant outflows from U.S.
spot Bitcoin ETFs in recent sessions signal weakening institutional demand.
This loss of momentum, following strong inflows at the beginning of the year, is negatively impacting overall market sentiment.
Risk Aversion in XRP and Altcoins XRP fell to the $1.33 level with a daily loss of 6% and a weekly loss exceeding 9%.
The loss of confidence across the sector can create disproportionate selling pressure on large-cap altcoins like XRP.
Critical Support Levels The total crypto market value is currently trying to stabilize at the $2.17 trillion mark.
While staying above this level keeps the possibility of a short-term recovery alive, a downward break is predicted to potentially pull prices down to the $2.0 trillion level.