Bitcoin entered Asian trading on Thursday morning with a rapid sell-off, falling to $72,600. With this move, it was seen that leveraged positions in the crypto market were significantly liquid. The price of Bitcoin fell 4.5 percent from its peak of $76,050 on Wednesday and fell to $72,620, the lowest point in the last six weeks.
$935 million evaporated in the big sales wave
Almost $935 million worth of leveraged positions have been liquidated across the crypto market in the last 24 hours. The largest liquidation during this period took place on the Hyperliquid platform with a Bitcoin long position of $ 15.34 million. The reason was given as the decrease in risk appetite after the American army’s military operations against Iran.
Analyst Nicrypto shared his assessment: “The US-Iran tension that took place overnight led to the mass closing of leveraged positions in the market,” and pointed out that sales were accelerating.
Significant declines were observed not only in Bitcoin but also in major altcoins, and it was stated that a total of 80 billion dollars of market value was erased. Especially the closing of the long position of $ 228.5 million in Ethereum (ETH) attracted attention.
| Coin | Long Position Liquidation Total (Last 24 hours) |
|---|---|
| Bitcoin | $348.5 million |
| Ethereum | $228.5 million |
| Others | Approximately $358.6 million |
Rapid decline in market data
There was also a remarkable decrease in the amount of open interest in the derivatives market. According to CoinGlass data, the open interest rate in Bitcoin decreased by 9.8 percent on the Chicago Mercantile Exchange and 9% on the BingX exchange. This shrinkage in open interest indicates that leverage in the markets has decreased and there has been a decrease in investor participation.
Previously, the 30 percent open interest drop between January 14 and February 6 was accompanied by a 38 percent decline in Bitcoin price. Analysts point out that this situation may be a continuation of the downward trend in the market.
ETF exits and critical support levels
America-based spot Bitcoin ETFs also saw an outflow for eight consecutive days. While the total outflow amounted to $2.6 billion, the largest ETF outflow of the year was recorded on Wednesday alone, with a net outflow of $733 million. There was a total outflow of $1.3 billion in global Bitcoin investment products last week.
The downward break of critical support points was decisive in the market’s downward break. Bitcoin lost 4% in the last 24 hours and fell below the important $75,000 support level. Experts emphasize that if the price falls below the strong support between $71,400 and $73,400, there may be a new selling wave down to the $65,000 level in technical analysis.
Evaluating the latest developments in the market, MN Capital founder Michael van de Poppe stated that such corrections are normal for asset managers to ensure portfolio balance at the end of the month. Another analyst pointed out that falling below $ 70,000 could trigger a new wave of hard selling.
Currently, investors are eyeing the buy zones above the 100-day simple moving average at $73,000 and $70,000. If there is no demand in these areas again, it is predicted that the sale in Bitcoin may deepen.
Mini dictionary: Open Interest – An indicator that shows the total number of open contracts that have not yet been closed in the derivatives market. A decrease in open interest indicates that leverage in the market has decreased, new participation has slowed, and risk appetite has generally decreased.
