Crypto markets sold off sharply on Thursday as oil surged back above $93 per barrel after U.S.-Iran peace talks stalled, dragging risk assets lower across the board.

Bitcoin (BTC) is trading at around $68,400, down 3.5% over the past 24 hours. ETH and SOL slipped 5% to $2,050 and $87, respectively. Meanwhile, Ripple (XRP) dropped 4.5%.

Total crypto market capitalization decreased 3.2% to $2.43 trillion, according to Coingecko.

ETF Flows

Spot Bitcoin ETFs posted net inflows of $7.8 million on Wednesday, with Fidelity’s FBTC leading the charge with $83 million. However, that was mostly offset by $70 million in outflows from BlackRock’s IBIT, according to SoSoValue.

Ethereum ETFs continued to underperform, recording net outflows of $8 million, led by BlackRock’s ETHA, with $33 million in withdrawals.

Big Movers

All of the Top 100 digital assets posted gains over the last 24 hours.

SIREN and MemeCore (M) are today’s biggest losers, plunging 30% and 13%, respectively.

Around 97,000 leveraged traders were liquidated for $305 million in the past 24 hours, according to CoinGlass. Bitcoin accounted for $93 million, while ETH made up $104 million.

Looking ahead, two catalysts loom on Friday: the PCE inflation report and the expiration of Trump’s five-day window for diplomacy with Iran.