The cryptocurrency market continues to fall, causing investors to lose billions of dollars, with the market capitalization plummeting from $2.44 trillion to $2.33 trillion in the past 24 hours. Coinglass data shows that nearly $500 million worth of cryptocurrencies were liquidated, with Ethereum (ETH), Bitcoin (BTC), Dogecoin (DOGE), Shiba Inu (SHIB), and Solana (SOL) accounting for the largest number of liquidations (in descending order).

The sell-off in the cryptocurrency market was triggered by Bitcoin losing its upward momentum due to macroeconomic factors, miner capitulation, Bitcoin ETF outflows, and a lack of new stablecoin issuance.

Macro and geopolitical factors are behind the sharp drop. Despite the cooling of US CPI and PPI inflation data, Fed officials still stick to the FOMC's decision to cut interest rates only once this year. Bank of Japan Governor Kazuo Ueda is hawkish on raising interest rates again at the July meeting.

At the same time, spot Bitcoin ETFs have seen outflows for three consecutive times. On Monday, the net outflow of spot Bitcoin ETFs was $146 million. This significant change indicates a shift in investor sentiment.