Bitcoin drops to $42,000 with $338 million in liquidity

Bitcoin fell 10 percent below $42,000 on Friday, triggering $338 million worth of crypto market liquidity.

The crash wiped out much of the asset's gains last month, leading up to the approval of several Bitcoin spot ETFs for public trading in the United States.

According to Coinglass, more than 101,000 crypto traders have been mined in the last 24 hours. The largest individual liquidation took place in the Bybit BTC/USD trade at $4.5 million. Most of the liquidations ($271 million) were in long positions. Bitcoin started the day's trading at $46,300, while the stock market was mostly volatile after the 9:30 a.m. open. As of Thursday, Bitcoin ETF products accounted for more than $1 billion in aggregate trading volume. In total, the new ETFs poured in $700 million worth after the first day of trading. Meanwhile, Greyscale's Bitcoin ETF incurred $95 million in expenses. But after the sell-off, Bloomberg ETF analyst Eric Balchunas doubts the grayscale has seen much worse flows today.