Bitcoin plunged through $65,000 overnight, hitting a low of $62,006, down about 8% in 24 hours and marking a three-month low. The main force behind the sell-off wasn’t spot trading—it was leverage: $2.058 billion in liquidations across the market in 24 hours, 93% of them long positions. 329,000 traders were wiped out, including a single Binance Ethereum liquidation worth $16.17 million. Liquidation is when an exchange forcibly closes a leveraged position that no longer has enough margin. In just one hour, $691 million was liquidated; in five minutes, $360 million. Long positions’ margin collapsed in a domino effect. On-chain analyst James Check described it as the fourth capitulation-style sell-off since the all-time high—a sharp drop driven by a wave of panic selling and investors cutting their losses. Bitcoin is down about 25% since October 21, nearly half its all-time high closing price of $124,700 last October. More troubling, 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 round-number mark, followed by the year’s low of $57,700 on July 1. With US stock markets closed over the weekend, crypto has to weather the storm on its own. People sitting on the sidelines may sleep better right now than those fully invested. #比特币 #LiquidationWave
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