Futures traders betting on rising cryptocurrency prices have lost about $217 million over the past 24 hours as the approval of bitcoin (BTC) exchange-traded funds continues to be “news to sell” and counterfeit bets show no signs of slowing.

Fears that crypto fund Grayscale will sell its bitcoin holdings as its holders sell GBTC ETF shares contributed to the price drop. Verified wallets owned by Grayscale, tracked and tagged by analyst firm Arkham, show that the fund moved more than $400 million worth of bitcoin into the Coinbase Prime vault on Thursday, likely in preparation for a possible sale.

Analysts also noted that GBTC shares were down 0.9% on Thursday amid “likely selling pressure.”

However, as BlackRock IBIT’s assets under management (AUM) topped $1 billion on Wednesday, other ETFs likely absorbed much of that selling.

Bitcoin fell below the $42,000 mark late Thursday, down 3.7% from Thursday’s close and down 15% from December’s $49,000 mark. That led to a market-wide retreat, with ether [ETH] down 2.5 percent, Solana’s SOL down 6.5 percent, and Cardano’s ADA down 5 percent.

BNB Chain quotes outperformed the market and rose 0.6 percent, helped by startups on the closely related Binance exchange, where users can place BNB to gain a stake in new projects hosted on the platform.

Falling prices led to high leverage futures betting on rising prices to suffer losses of $217 million, with bitcoin trades liquidating $88 million alone.

Liquidation occurs when an exchange forcibly closes a leveraged trader’s position due to partial or total loss of the trader’s initial margin. This happens when a trader cannot meet the margin requirements for a leveraged position (does not have sufficient funds to support the trade).

Meanwhile, some traders said in their Friday notes that they believe the broad cryptocurrency markets will range in the short term.