Bitcoin’s valuation tumbled beneath the $60,000 threshold during the early U.S. trading hours on Sunday, as a persistent market downturn extended into its fourth consecutive day. This decline resulted in bullish futures wagers losing close to $200 million within the past 24 hours.

According to CoinGecko data, Bitcoin (BTC) experienced a 4% decrease over the last 24 hours, hitting a three-week low at $59,400. Among other major cryptocurrencies, Solana’s SOL and Dogecoin (DOGE) both plummeted over 9%. BNB Chain’s BNB, XRP (XRP), and Cardano’s ADA each saw declines of at least 6%, while Toncoin (TON) suffered a relatively minor 1.8% loss.

Ethereum (ETH) fell below $2,900, reversing all gains from its climb to $3,400 in July, following the approval of spot ETH exchange-traded funds (ETFs) for trading in the U.S. These ETFs have recorded net outflows on six out of their nine trading days, with total net outflows amounting to $510 million since their launch, according to SoSoValue data.

The comprehensive CoinDesk 20 (CD20), an index tracking the largest cryptocurrencies excluding stablecoins, declined by 5.73%.

Data from CoinGlass reveals that bullish futures bets incurred nearly $200 million in losses, with over 97,000 traders liquidated due to sudden market fluctuations. Losses were led by ETH longs at $55 million, followed by Bitcoin longs at $43 million.

Some traders had previously cautioned about a potential drop in BTC to the $55,000 level, citing geopolitical tensions in the Middle East and a waning appetite for risk assets such as technology stocks.