A sudden 5% drop in Bitcoin's price on Tuesday led to over $165 million in losses for traders with leveraged exposure to cryptocurrencies in less than 2 hours. Bitcoin plunged from $69,450 to as low as $65,970 in less than 30 minutes, according to TradingView data. CoinGlass data shows that Bitcoin's sharp drop wiped out more than $165 million in leveraged positions, with over $50 million in Bitcoin longs and over $40 million in Ether longs accounting for most of the losses. Meanwhile, Bitcoin ETFs posted a net outflow of $86 million, breaking a four-day positive inflow streak.