Crypto Market Plunges as Bitcoin Falls Below $63K

Bitcoin's drop below $63,000 led to a marketwide correction, with Ether, Solana's SOL, BNB Chain's BNB, and Cardano's ADA all slumping more than 9%. The overall market capitalization dropped 8% in the past 24 hours, following large outflows from the Grayscale bitcoin ETF and lower-than-usual inflows on other ETF products. On-chain analysis firm CryptoQuant reported that short-term holders of Bitcoin took profits in the past week, contributing to the selling pressure. Additionally, the meme coin sector saw losses of over 17% on average, with the broad-based CoinDesk 20 index of major tokens minus stablecoins slumping nearly 10%.