Bitcoin (BTC) slid below $88,000 Tuesday after briefly trading above $90,000 a day earlier.**
The largest cryptocurrency was trading around $87,400, down 2.4% in 24 hours.
Ethereum (ETH) fell 2.7% to $2,957 as most major cryptocurrencies posted losses.
Total crypto market capitalization stood at approximately $3.04 trillion, down 2.4% from Monday.
What Happened
U.S. spot Bitcoin ETFs recorded $142.2 million in net outflows Monday, marking the third consecutive day of redemptions.
Bitwise's BITB led outflows with $35.5 million, followed by Grayscale's HODL at $33.6 million and GBTC at $29 million.
BlackRock's IBIT posted $6 million in inflows, bucking the broader trend.
Spot Ethereum ETFs reversed course with $84.6 million in net inflows Monday, ending a seven-day outflow streak.
Grayscale's ETHE led with $53.7 million in inflows, while Grayscale ETH added $30.9 million.
Liquidations totaled roughly $258 million over 24 hours, with long positions accounting for $193 million.
Bitcoin and Ethereum led liquidations at $104 million and $62 million respectively, according to Coinglass data.
Glassnode analysts noted perpetual open interest in Bitcoin rose from 304,000 BTC to 310,000 BTC, while funding rates increased from 0.04% to 0.09%.
"This combination signals a renewed buildup in leveraged long positioning, as perpetual traders position for a potential year-end move," the analysts wrote.
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Why It Matters
The price action suggests traders' hopes for a traditional year-end "Santa rally" remain unfulfilled.
QCP Capital analysts suggested holiday liquidity and tax-loss harvesting may amplify short-term volatility.
"Crypto is likely to remain range-bound, caught between waning leverage, mechanical flows, and a growing chorus of conflicting narratives," QCP Capital wrote in a Tuesday update.
Bitcoin total ETF assets now stand at approximately $115 billion following the recent outflows.
Ethereum ETF assets reached $18.2 billion after Monday's inflows broke the week-long redemption pattern.
U.S. Treasury yields rose slightly ahead of the holiday-shortened week, with the 10-year at 4.165% and the 2-year at 3.507%.
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