Crypto longs lose $404 million in four hours as bitcoin briefly slips below $80,000

Bitcoin experienced a brief price dip below $80,000, leading to significant losses for 'crypto longs,' totaling $404 million in a four-hour span. This market movement coincided with outflows from Spot Bitcoin Exchange-Traded Funds (ETFs), which recorded $773 million in losses across Thursday and Friday. These outflows followed a period of three consecutive days of net inflows into these institutional Bitcoin products, according to data provided by SoSoValue.