Solana

Bitcoin ETF

Bitcoin

<ul>
 <li>The crypto market is undergoing an intense selloff as Bitcoin fell back to the $50,000 range.</li>
 <li>Part of the concern is that spot Bitcoin ETF has continued to lose money, impacting prices.</li>
</ul>
<a href="https://www.crypto-news-flash.com/what-is-bitcoin-a-beginners-guide-to-the-worlds-popular-type-of-cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) continues to see a substantial decline in its price, falling to $59,100 in the early hours of Thursday. For most BTC investors, the burning question is whether or not to buy the dip or wait for a further drop to $50,000 or a surge to $70,000.
<iframe title="Bitcoin Drops to $59,100: Buy Now or Wait for Further Declines to $50,000?" width="788" height="443" src="https://www.youtube.com/embed/gn7oQfvELmQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
<h3 id="b-bitcoin-faces-heavy-sell-offs-b">Bitcoin Faces Heavy Sell-offs</h3>
Data from Santiment, an on-chain analytical platform, shows that BTC has faced many challenges over the past two months. 
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c9.png" alt="📉" class="wp-smiley" style="height: 1em; max-height: 1em;"> Bitcoin has now fallen to a 2-month low, with most altcoins faring far worse. With many traders buying the dip when BTC was nearing $60K, longs have been liquidated aggressively the last couple hours. This goes for other top caps like Ethereum and Solana as well. <a href="https://t.co/OAgTPFmS6T" rel="noopener noreferrer nofollow">https://t.co/OAgTPFmS6T</a> <a href="https://t.co/ivDW7GaUxB" rel="noopener noreferrer nofollow">pic.twitter.com/ivDW7GaUxB</a>
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1808706003938202065?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 4, 2024</a>
</blockquote>
During this time, the leading digital asset faced massive liquidations, leading to a drop in its price. Altcoins, including <a href="https://www.crypto-news-flash.com/what-is-ethereum-history-and-beginners-guide/" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> and Solana (SOL), also experienced a similar drop in their price.&nbsp;Per Ethereum, the cryptocurrency plummeted to $3,200, despite expectations of a bull run, following the scheduled launch of spot ETFs by July 15.
Nonetheless, Santiment <a href="https://x.com/santimentfeed/status/1808619741449494831" target="_blank" rel="noopener noreferrer nofollow">reported</a> that crypto enthusiasts see the current price drop as an opportunity to buy the dip. The firm, however, advised investors to wait out initial steam before making further purchases. Santiment believes the best time to buy cryptocurrencies is when traders become impatient and skeptical.&nbsp;
The firm cited an instance of many traders buying the dip when BTC fell to $60,000, shortly after massive sell-offs from long positions. This pattern was also followed by Ethereum and Solana, which recorded even worse liquidations than BTC.
Santiment added that altcoins with extremely low funding rates are the best to buy right now. The firm highlights Balancer (BAL), Chromia (CHR), and Celer (CELR) as projects with heavy shorting on the Binance exchange in the last 24 hours. The firm’s sentiments are based on the premise that short liquidations lead to price increases.
<h3 id="b-bitcoin-whale-loses-20m-b">Bitcoin Whale Loses $20M</h3>
The recent volatility in the Bitcoin market has resulted in a whale investor losing approximately $20 million. According to the details from on-chain data provider Lookonchain, a major Bitcoin whale or institution recently deposited 1,800 BTC (roughly $106 million) on Binance.&nbsp;
<blockquote class="twitter-tweet">
 The whale deposited 1,800 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>($106M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> at a loss again 40 minutes ago.
 He has deposited 5,281 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>($323.2M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> since June 27, with a loss of ~$20M!<a href="https://t.co/VWgcfiOpxU" rel="noopener noreferrer nofollow">https://t.co/VWgcfiOpxU</a> <a href="https://t.co/WESV8GkfHV" rel="noopener noreferrer nofollow">pic.twitter.com/WESV8GkfHV</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1808706837405127158?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 4, 2024</a>
</blockquote>
This whale investor has been on a buying spree, accumulating 5,281 BTC ($323 million) on the exchange over the past week at an average price of $61,196. Despite their sizable holding now at 6,068 BTC ($358 million), the investor reportedly took a $20 million hit in their latest trade.
On the flip side, <a href="https://www.crypto-news-flash.com/spot-bitcoin-etfs-attract-massive-inflows-how-to-profit-with-bitcoin-cash-bch-and-rollblock-rblk/" target="_blank" rel="noopener noreferrer nofollow">spot Bitcoin ETFs</a> have continued to lose money. Daily net outflows on Wednesday, July 3, reached $20.5 million. Grayscale’s GBTC led the outflow parade with $27 million, while Fidelity’s FBTC stood out as the outlier bright spot with inflows of $6.5 million. All other ETFs remained on the sidelines with zero inflows on Wednesday.&nbsp;
Meanwhile, BTC continues to see a further decline in its price. At the time of writing, BTC is trading at $57,702, demonstrating a 5% drop over 24 hours. The trading volume increased by 58.5% to $36 billion, with the market cap standing at $1 trillion.

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Bitcoin Falls to $59,100 – Should You Buy the Dip, or Will BTC Price Dip to $50,000, or Rise Again Above $70,000?

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