Bitcoin dropped under $77,000 and traded at $76,901 after a brutal one-hour wipeout hit the crypto market.

About $600 million in positions were liquidated in 60 minutes, forcing leveraged traders out fast while the broader market turned red, according to data from Coinglass.

The pain was clear in U.S. spot Bitcoin ETFs. Last week, those funds reportedly posted about 13,000 BTC in net withdrawals. More than 4,000 BTC came out of Ark-linked products, showing that ETF demand had cooled before the latest break lower.

Long-term holders keep buying Bitcoin while ETF demand weakens

CryptoQuant’s Bitcoin exchange netflow data across all exchanges still shows large withdrawals from trading platforms earlier this year. Traders usually watch that…