The total open derivatives (futures) contracts in the Bitcoin and altcoin market are hovering around $112.8 billion. About half of that is tied up in long positions. If the market experiences a sudden drop of 5% to 10%, we're looking at potentially billions in long positions that could get liquidated in a cascade, which is something that often happens during major purges (where daily liquidations regularly exceed $500 million).

A small bounce back to 63K is on the table. $BTC