Coinbase Stock Drops 1.54% as Bitcoin Slides 3.5% and $250M Liquidated
Coinbase Global shares declined 1.54% after Bitcoin slid 3.51% to $70,440.60 and Ethereum fell 3.02% to $2,064.95. Over $250 million in long positions were liquidated and Bitcoin futures open interest dropped 5.78%, with CryptoQuant maintaining Bitcoin remains in a bear market.
1. Crypto Market Pullback Hits Coinbase
Bitcoin retreated 3.51% to $70,440.60 and Ethereum slid 3.02% to $2,064.95, triggering a sell-off in cryptocurrency-linked equities. Coinbase Global shares closed down 1.54% as broader market risk sentiment intensified.
2. Liquidations and Futures Impact
Over $250 million in long positions were liquidated within 24 hours, and Bitcoin futures open interest declined 5.78%. Retail sentiment on Binance remained neutral while whale traders increased positions during the pullback.
3. CryptoQuant Bear Market View
Blockchain analytics firm CryptoQuant's Bull Score Index remains at 10/100, indicating deep bearish conditions; it warns that Bitcoin's recent rebound likely qualifies as a relief rally, with key resistances at $79,000 and $90,000.