Over 120,000 liquidations in 24 hours; of the $670 million total, $570 million was long positions. After BTC fell below $76,000 and ETH dropped below $2,400 to a recent low—this isn’t evidence of “it dropped too much so it should rebound,” but rather that long leverage is being liquidated in a concentrated sweep.
I care more about this structure: liquidation can wipe out a batch of positions, but it can’t prove that spot selling pressure has ended. Treating liquidation numbers as a bottom signal is misreading forced exits as a return of buying.
Before price regains stable footing and selling pressure truly converges, I remain somewhat bearish on the broader market. This move first shows how crowded the longs were—yet it hasn’t proven the buyer has returned.
#MARKET
I care more about this structure: liquidation can wipe out a batch of positions, but it can’t prove that spot selling pressure has ended. Treating liquidation numbers as a bottom signal is misreading forced exits as a return of buying.
Before price regains stable footing and selling pressure truly converges, I remain somewhat bearish on the broader market. This move first shows how crowded the longs were—yet it hasn’t proven the buyer has returned.
#MARKET