Bitcoin plunged below $65,000 overnight, hitting a low of $62,006. It fell about 8% in 24 hours, reaching a three-month low. The main force behind the sell-off wasn’t spot trading—it was leverage: $2.058 billion in positions were liquidated across the market in 24 hours, 93% of them long positions. Some 329,000 traders were wiped out, including a single $16.17 million Ethereum liquidation on Binance. Liquidation is when an exchange forcibly closes a leveraged position whose margin has fallen short. In just one hour, $691 million was liquidated; in five minutes, $360 million. Long traders’ margin positions toppled one after another like dominoes. On-chain analyst James Check called it the fourth capitulation-style sell-off since the all-time high—that is, a drop driven by a wave of panic selling and investors cutting their losses. Bitcoin has fallen about 25% since October 21, nearly halving from last October’s record closing high of $124,700 on October 12. More worrying, money is still flowing out of spot Bitcoin ETFs: net outflows have totaled about $1.91 billion since November 5, and institutional dip-buyers haven’t returned. There are just two levels to watch: if $62,000 doesn’t hold, the next stop is the $60,000 mark, followed by the year-to-date low of $57,700 on July 1. With U.S. stock markets closed over the weekend, crypto has to weather the storm on its own. Those on the sidelines may sleep better right now than those fully invested.#比特币 #LiquidationWave
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