Bitcoin slides below $58,000 as crypto market sees weekend slump

The cryptocurrency market experienced a slight downturn over the weekend.

Bitcoin BTC -0.33% is trading at $57,500 as of 1:30 a.m. ET, marking a 1.5% drop in the past day and nearly a 10% drop over the past week. The largest cryptocurrency has a market cap of $1.1 trillion and maintains a 54% market dominance.

Meanwhile, ether, the second-largest cryptocurrency, is changing hands at $2,440, reflecting a 1.7% decrease over the past day and an 11% decline over the past week.

In the past 24 hours, Bitcoin long liquidations on centralized exchanges amounted to over $41.5 million — part of a total of $50 million in Bitcoin position liquidations, according to Coinglass data . The broader cryptocurrency market witnessed over $162 million in liquidations, with about $135 million stemming from long positions.

The latest slump followed a week of net outflows from spot Bitcoin ETFs in the U.S., totaling $276 million last week, according to data from Sosovalue.

CoinGlass data shows that funding rates for bitcoin futures across derivatives exchanges have turned negative amid the slide, suggesting a bearish outlook among traders now. 

Furthermore, Bitcoin miners’ revenue in August hit a new low for the year, with subsidies and fees generating $851 million, of which merely $20 million came from on-chain fees, according to The Block's data dashboard .