November 2024 marked the sharpest monthly decline in crypto market activity since February, with total exchange volumes dropping to $1.59 trillion and Bitcoin ETFs experiencing a substantial outflow of $3.48 billion. Bitcoin’s sharp decline below $86,000 resulted in over $600 million in leveraged position liquidations, amplifying market volatility. Centralized exchange trading volumes fell by 26.7% while decentralized exchanges recorded their lowest monthly volumes since June. A looming Bank of Japan rate hike and associated currency shifts intensified selling pressure. Ethereum ETFs also faced significant withdrawals, whereas altcoin ETFs like XRP bucks the trend with notable inflows. Concerns over possible Bitcoin sales by Strategy Inc. add further uncertainty to an already volatile market environment.
Continue to read November Crypto Market Collapse: Trading Volumes Plummet and ETFs Face Record Outflows
November 2024 marked the sharpest monthly decline in crypto market activity since February, with total exchange volumes dropping to $1.59 trillion and Bitcoin ETFs experiencing a substantial outflow of $3.48 billion. Bitcoin’s sharp decline below $86,000 resulted in over $600 million in leveraged position liquidations, amplifying market volatility. Centralized exchange trading volumes fell by 26.7% while decentralized exchanges recorded their lowest monthly volumes since June. A looming Bank of Japan rate hike and associated currency shifts intensified selling pressure. Ethereum ETFs also faced significant withdrawals, whereas altcoin ETFs like XRP bucks the trend with notable inflows. Concerns over possible Bitcoin sales by Strategy Inc. add further uncertainty to an already volatile market environment.
Continue to read November Crypto Market Collapse: Trading Volumes Plummet and ETFs Face Record Outflows
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