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the number of people whose positions were liquidated across the entire network exceeded 75,000.

on september 4, the market showed that bitcoin had fallen by more than 5% in the past 24 hours, and then recovered some of its losses. as of press time, bitcoin had fallen by more than 4% to $56,563 in the past 24 hours. other major tokens such as ethereum also fell sharply.

it is worth mentioning that on september 3, 12 spot bitcoin exchange-traded funds (etfs) had a cumulative net outflow of us$287.8 million, setting a record for the largest single-day outflow in the past four months. among them, fidelity's fbtc led the outflow, with an outflow of us$162.3 million.

bitcoin hits one-month low

due to concerns about the economic outlook, global funds are withdrawing from high-risk assets, and bitcoin hit a one-month low. on september 4, the market showed that bitcoin fell by more than 5% in the past 24 hours, and then recovered some of its losses. as of press time, bitcoin fell by more than 4% in the past 24 hours to $56,563.

at the same time, other major tokens such as ethereum also plummeted.

coinglass data shows that in the past 24 hours, the number of people whose positions were liquidated across the entire network exceeded 75,000, and the total amount of liquidation reached us$200 million.

it is worth mentioning that last month, after the u.s. non-farm payrolls data for july fell far short of expectations, the price of bitcoin fell by more than 14% to $57,000 in the week ending august 4, suffering the largest weekly drop since the collapse of the ftx exchange in 2022. on august 5, the price of bitcoin even fell below $49,000.

with the release of the august nonfarm payrolls data on friday, traders are watching closely to see if the economy is slowing further. the cryptocurrency market is very worried about a repeat of what happened in early august.

sean mcnulty, head of trading at liquidity provider arbelos markets, said that in the options market, demand for hedging against a fall in bitcoin is picking up, both for the period after the upcoming u.s. jobs data and for the period after the november presidential election. he said: "we are seeing a resurgence of downside buying interest in bitcoin options, especially for price data at and below $55,000."

net outflows from spot bitcoin etfs hit a 4-month high

the trend of a cautious opening in the cryptocurrency market has also been reflected in the continued outflow of funds from bitcoin exchange-traded funds in recent days.

according to sosovalue data, 12 spot bitcoin exchange-traded funds (etfs), including blackrock's ibit and fidelity's fbtc, have experienced net outflows for five consecutive trading days, with a cumulative net outflow of more than $765 million over the past five days. prior to this, all spot bitcoin exchange-traded funds had experienced net inflows for eight consecutive days, with a cumulative net inflow of $753 million. the total outflows over the past five days have exceeded the previous continuous inflows.

(source: sosovalue)

it is worth mentioning that on september 3, 12 etfs had a cumulative net outflow of us$287.8 million, setting a record for the largest single-day outflow in the past four months. among them, fidelity's fbtc led the outflow, with an outflow of us$162.3 million. grayscale's gbtc had an outflow of us$50.4 million, bitwise's bitb and cathie wood's arkb had outflows of us$25 million and us$33.6 million respectively.

bitcoin atm fraud is soaring

according to a report released by the u.s. federal trade commission (ftc) on tuesday, financial fraud cases involving bitcoin automated teller machines (atms) have increased dramatically, causing public concern. these devices, known as bitcoin teller machines, are usually located in convenience stores, bars and gas stations. they look similar to traditional atms, but users mainly use them to buy and sell cryptocurrencies rather than withdraw cash.

in 2023, consumers reported losses of $114 million through bitcoin atm fraud, an increase of nearly 900% over the previous three years. losses in the first half of this year reached $66 million, showing that the trend is still rising, with the average loss reaching $10,000.

according to data from the better business bureau, a u.s. business reputation rating agency, cryptocurrency-related scams have become one of the most common financial scams. criminals often target older consumers, and the ftc pointed out that people aged 60 and over are more than three times more likely to be scammed by bitcoin atms than younger people.

in a typical bitcoin atm scam, the scammers may claim that the customer's computer has been hacked, or that the customer's bank account is suspected of drug smuggling or money laundering. they claim to be able to help - provided that the customer follows their instructions carefully. the scam may also include pretending to contact a representative of the ftc, the internal revenue service (irs) or other government agencies.

the ftc explained that at this point, the scammers will instruct the victim to withdraw cash from the bank and go to a nearby bitcoin atm. they will send a qr code to the victim via text message, and after scanning it on the machine, the funds will be transferred directly to the scammer's crypto wallet.

“don’t believe anyone who tells you you need to use a bitcoin atm to protect your funds or resolve a problem,” the ftc summary warned. “real businesses and government agencies never do this — anyone who does is a scammer.”