Bitcoin fell another 2% in 24 hours, dropping below $68,000 for the first time in four days. The decline sparked more than $50 million in long liquidations in the past hour, according to Coinglass, of which roughly 70% came from bitcoin positions alone.

The decline sent shares of crypto-related companies such as Circle Internet (CRCL), Coinbase (COIN), and Strategy (MSTR), the largest public holder of Bitcoin, lower in pre-market activity.

Traders with long positions are betting prices will rise. Liquidations occur when an exchange forcibly closes a leveraged trade because the trader no longer has enough collateral, known as margin, to support the position.

A look at the 48-hour liquidation heatmap, a tool that highlights price levels where large clusters of forced liquidations may occur, shows significant liquidity below $66,000, which signals further downside for bitcoin is possible in the short term.

In another sign of bearish sentiment, funding rates are also negative. Funding rates are periodic payments between traders in perpetual futures contracts, which are derivatives that track an asset’s price without expiry. When negative, short traders, those betting on price declines, pay long traders.