Bitcoin's Sharp Decline: Slides Below $40K, Triggers $115M Liquidation

Major tokens like Solana's SOL and Avalanche's AVAX slid as institutional sales tied to newly launched ETFs weighed down bitcoin prices, with some tokens experiencing over 20% declines in the past week. Dogecoin retraced its weekend move, while FTX's FTT and Uma Network's UMA were among the few tokens in the green. Analysts at Bitfinex noted that the recent slump in bitcoin prices had wiped out gains for short-term investors, with many exiting the market at a loss, leading to expectations of a considerable price correction and potential fall to $38,000 in the coming weeks.