The contraction in USDT supply, whose market capitalization fell by roughly $6.6 billion over a few months, reduced the liquidity available to crypto assets. Bitcoin also had about $580 million in long positions exposed to liquidation, compared with less than $150 million in short positions, creating the conditions for a downward cascade. Anthropic’s imminent IPO, which could raise as much as $64.4 billion, could divert capital and investor attention away from the cryptocurrency market. These factors were compounded by Bitcoin ETF outflows, macroeconomic pressure and uncertainty surrounding the US midterm elections.
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