Has the institutional liquidation wave ended? Don’t rush to buy the dip!
The market has indeed seen a brutal leveraged-position wipeout. Over the past 24 hours, liquidations across the market exceeded $3 billion, with long positions accounting for more than 90%. On-chain data confirms this: a whale who opened a long position at 2322 couldn’t hold on and closed it near 1750, realizing a loss of over $10 million on that single trade. This plunge was driven by a cascading sell-off among longs.
$BTC rebounded all the way to $64612, but then volume dried up and it started to drift lower. Current price: $63212.
$ETH : After plunging from a high of $1910 to $1710, it found support at the bottom and rebounded strongly to $1843. But volume then dried up, and it drifted back down to $1773.
There’s no real volume behind the rebound. Be cautious about going long. $BTC
The market has indeed seen a brutal leveraged-position wipeout. Over the past 24 hours, liquidations across the market exceeded $3 billion, with long positions accounting for more than 90%. On-chain data confirms this: a whale who opened a long position at 2322 couldn’t hold on and closed it near 1750, realizing a loss of over $10 million on that single trade. This plunge was driven by a cascading sell-off among longs.
$BTC rebounded all the way to $64612, but then volume dried up and it started to drift lower. Current price: $63212.
$ETH : After plunging from a high of $1910 to $1710, it found support at the bottom and rebounded strongly to $1843. But volume then dried up, and it drifted back down to $1773.
There’s no real volume behind the rebound. Be cautious about going long. $BTC