Bitcoin 5% Crash Leads to $165M
A 5% drop in the price of Bitcoin (BTC) on Tuesday saw traders with high exposure to Bitcoin and other cryptocurrencies lose more than $165 million in less than 2 hours.
Bitcoin fell 5% from $69,450 to $65,970 in less than 30 minutes, according to TradingView data in the early hours of March 2 UTC.
According to data from Koingles, Bitcoin's sharp wick down saw more than $165 million in leveraged positions liquidated, with just over $50 million in Bitcoin and more than $40 million in Ether (ETH) saving the bulk of that figure.
Almost $6 million in Dogecoin (DOGE) and $4 million in Solana (SOL) from BTC and ETH.
At the same time as the fallout, bitcoin exchange-traded funds (ETFs) posted net inflows of $86 million, breaking a four-day streak of positive inflows, according to FarSide data.
BlackRock ETF stood as the best-performing fund with net income of $165.9 million, while Fidelity came in second with $44 million.
Related: Memecoin craze is breaking Bitcoin's half-cycle.
However, the inflow was offset by Greyscale GBTC posting an outflow of $302 million, bringing the net daily inflow to all funds to $85.7 million.
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At the same time as Bitcoin's flash crash, the price of the US dollar-pegged stablecoin Tether (USDT) also tumbled around 1%, briefly falling from the $1 peg to $0.988, according to data from CoinGecko and Google Finance.
It's not clear if the USDT wobble is a bug in some data trackers' APIs or if the currency's price has suffered a sudden loss – however, the short dip has not been seen on other price trackers.
Cointelegraph contacted Tether but did not receive an immediate response.
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