Carnage on Bitcoin: Thousands of long Positions Liquidated!

Bitcoin has just suffered a stunning setback, causing a shockwave in the markets. In just a few hours, the price of BTC plunged by 5%, triggering a cascade of liquidations. This correction wiped out more than 192 million dollars in long positions.

A violent correction shaking the market

The crypto market is experiencing another major shock. Bitcoin, the spearhead of the sector, has abruptly dropped by 5% in just a few hours, causing a wave of liquidations and considerable losses for many investors.

On the Bybit platform, no less than 10,000 BTC in open interest were liquidated, with a total value of 192.90 million dollars.

This correction spared no other markets. Binance, the sector leader, recorded 4.06 million dollars in closed positions during the same period. Facing this increased volatility, CoinGlass, an on-chain analysis specialist, called for caution, urging traders to reduce their leverage.

The scale of the decline is also reflected in the technical indicators. The accumulated volume delta (CVD) shows overwhelming seller dominance, with a dramatic drop to 10,211.

The bearish sentiment of Bitcoin spreads

Bitcoin’s correction had a domino effect on the entire crypto market. Ethereum, the second-largest capitalization in the sector, fell by nearly 10%. According to data from Lookonchain, a total of 87,405 traders saw their positions liquidated, with a total amount of 318.46 million dollars.

Among the most notable victims of this correction was a “whale” who lost 12.67 million dollars on a long ETH/BTC position. Another suffered a loss of 12.6 million dollars on Bitcoin.

Slightly negative funding rates (-0.0003) also reflect this widespread bearish sentiment. In this configuration, short sellers pay long positions, a characteristic phenomenon of bear markets.