Bitcoin's price recently approached $70,000 but fell short, leading to a drop below $67,000 on October 21, 2024. This decline resulted in significant losses for traders who bet on the price increasing, with approximately $123 million in long positions liquidated, including nearly $47 million in Bitcoin alone. The total cryptocurrency liquidations surpassed $200 million within 24 hours, driven by the price drop. This surge in liquidations coincided with a period of optimism in the market, fueled partly by increased investments in Bitcoin exchange-traded funds (ETFs). The growth in ETF investment was noted to have reached its highest levels since July, with inflows exceeding $2.2 billion, signaling a bullish sentiment among American investors. Meanwhile, Ethereum experienced a slight decline but had overall increased by nearly 2% in the previous week, as reports highlighted continued investment interest in Ethereum funds despite a lack of enthusiasm for Ethereum ETFs compared to Bitcoin counterparts.

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