The #Bitcoin dropped approximately 3% to around US$92,500, as a derivatives-driven rally faded, causing liquidations of long positions close to US$600 million and severely impacting major altcoins.

On-chain data from Glassnode and CryptoQuant suggests that the recent advance towards US$96,000 was largely due to thin flows in derivatives rather than solid demand in the spot market, with the supply from long-term holders and the 365-day moving average near US$101,000 acting as key resistances.