$217M in Futures Liquidated as Bitcoin ETFs Continue to be a "Sell-the-News" Event

In the past 24 hours, futures bets on higher crypto prices resulted in $217 million in liquidations due to the sell-off of recently-approved spot bitcoin exchange-traded funds (ETF). Grayscale's potential sale of bitcoin holdings also contributed to a drop in prices. However, BlackRock's IBIT crossing $1 billion in assets under management suggests that other ETFs may be absorbing most of these sales. Bitcoin fell below $42,000, leading to a market-wide retreat, but some traders expect the broader crypto market to be range-bound in the short term.