$BEAT mainly dropped because retail traders were heavily long and got squeezed, while whales started shorting.
With retail traders over-leveraged, a massive long squeeze followed. CoinGlass data showed more than $2.5 million in BEAT long positions were liquidated in the past 24 hours.
Large BEAT transfers also raised concerns. Around 4.53 million BEAT worth $6.72 million moved into hot wallets. Gate and KuCoin moved 3.44 million BEAT from cold wallets to hot wallets to support liquidity.
With retail traders over-leveraged, a massive long squeeze followed. CoinGlass data showed more than $2.5 million in BEAT long positions were liquidated in the past 24 hours.
Large BEAT transfers also raised concerns. Around 4.53 million BEAT worth $6.72 million moved into hot wallets. Gate and KuCoin moved 3.44 million BEAT from cold wallets to hot wallets to support liquidity.