Overview

• Bitcoin and Ethereum prices dropped by over 4%, with Bitcoin falling below $58,000.
• Market liquidations exceeded $175 million in the past 24 hours, primarily affecting long positions.
• U.S. CPI data release and government Bitcoin transfers contributed to market instability.
• Bitcoin ETFs experienced significant outflows, while Ethereum ETFs saw modest inflows.
• Analysts predict potential further declines but anticipate a possible rebound in the last quarter of the year.