as a major whale exit platform. Coinbase wallet balances dropped by 11.5k BTC in the last 24h – **the largest single day drop ever**. That’s a strong indication that institutional investors are liquidating. # What does this mean? https://preview.redd.it/wqomn2deoydb1.png?width=2560&format=png&auto=webp&s=f8ec936dbf1d73f1a8c77d66d4fbf87fdd2f553a The entire market is highly leveraged and this additional liquidation pressure put BTC into a bearish state. The **momentum is now shifted towards the bears** and it is important to keep an eye on the fundamental developments and technical levels to see how this plays out. **Conclusion** The recent BTC drop below $29,000 was a result of large liquidation cascade, with over 1.5 billion OI flushed in minutes. The open interest spike back, suggesting a lot of leverage entering the markets with an unstoppable trend. It is believed that institutional investors are liquidating their positions as Coinbase wallet balances dropped by 11.5k BTC in the last 24h, the largest single day drop ever. The entire market is highly leveraged and this additional liquidation pressure put BTC into a bearish state. The momentum is now shifted towards the bears and it is important to keep an eye on the fundamental developments and technical levels to see how this plays out.
As a crypto enthusiast, I’m sure you’ve been keeping a close eye on Bitcoin (BTC) and its recent drop below $29,000. In this post, I’m going to give you a quick, simplified, and short summary of why exactly it dropped and whether the drop matters.
A heavy spot sell off triggered a larger liquidation cascade, wiping out over 1.5 billion Open Interest (OI) and liquidating around $9 million USD in just minutes. The open interest spiked back, suggesting a lot of leverage entering the markets with an unstoppable trend. Right now, the open interest is 200 million higher than before the dump.
It’s widely believed that institutional investors are liquidating their positions, as Coinbase wallet balances dropped by 11.5k BTC in the last 24h, the largest single day drop ever. This additional liquidation pressure has shifted the momentum towards the bears, making it important to keep an eye on the fundamental developments and technical levels to see how this plays out.
In conclusion, the recent BTC drop below $29,000 was a result of a large liquidation cascade and the current market is highly leveraged. It’s important to pay attention to the fundamental developments and technical levels to see how this plays out in the future.