Bitcoin (BTC) experiences a major selloff with over $467 million in liquidations. CryptoQuant analysts believe this shakeout cleanses the market, while large investors capitalize on the dip.
Bitcoin (BTC), the leading cryptocurrency, experienced significant liquidations totaling $467 million over the past 24 hours. Following this market shakeout, CryptoQuant analysts believe that the Bitcoin (BTC) market has undergone a cleansing process. While panic selling has driven down prices, large investors appear to be capitalizing on the dip, injecting capital into the market.
The recent price drop of Bitcoin (BTC), coupled with the largest liquidation of long positions in recent history, has resulted in a market cleanse and brought an end to the multi-month upward trend in Bitcoin Futures Open Interest. CryptoQuant analysts, while acknowledging the severity of the day's events for Bitcoin (BTC) bulls, refrain from comparing it to previous crashes like those witnessed in November 2022 or the 2020 Crypto Black Friday.However, the market indicators clearly show the impact of high expectations and the significant number of liquidations. Bitcoin's Open Interest (OI) has finally seen a much-needed cooldown. Despite the volatility and potential for further price fluctuations, the analyst remains optimistic, suggesting that large investors, or whales, will be able to stabilize the market. Data from indicators like the Coinbase Premium further support this view, revealing aggressive buying activity by large players during today's crypto market plunge. Both Coinbase and Kimchi premiums remained positive throughout the day, with the Korean indicator even reaching a three-year high
BITCOIN LIQUIDATIONS MARKET CLEANSING WHALE BUYING OPEN INTEREST
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