$VELVET just saw over $3.4K in long liquidations at $1.38366.
Looks like some bulls got caught by a sudden pullback. As the price moved lower, leveraged long positions were forced to close, adding a bit more selling pressure to the drop. Not a massive liquidation, but enough to shake out traders who were overexposed.
VELVETUSDT
Perp
0.3477
-1.75%