Crypto Liquidations Top $477M as Bitcoin Slips Below $90K

Market Overview - Bitcoin has experienced a significant downtrend, currently trading at $89,881, down 2.4% over the last 24 hours, undoing most of its early-year gains [1] - The total cryptocurrency market capitalization has decreased by 2.6%, falling from a peak of $3.305 trillion [1] Liquidation and Investor Sentiment - Total liquidations in the past 24 hours have surpassed $477 million, with over 90% of these being long positions [2] - Ethereum and XRP have also seen declines of 3.9% and 7.6%, respectively, while meme coins like Pepe and Bonk have dropped by 6.6% and 8% [2] Analyst Insights - Analysts indicate that Bitcoin's drop below $90,000 reflects a loss of momentum from earlier in the year, despite initial positive factors [3][4] - Broader risk-off sentiment in global markets is contributing to muted risk appetite among investors, particularly as they await key macroeconomic data [5] Market Conditions - Investor sentiment remains low, with only a 24.5% chance assigned for Bitcoin to reach a new all-time high before July [6] - Recent outflows from U.S. Bitcoin ETFs amounting to $243 million have further reinforced the pullback in prices [6][7] Liquidity Issues - The crypto market is facing thin liquidity, which is causing volatile price movements, and this condition is noted to be thinner than in previous bull phases [7][8]