BTC has dropped to 61, and something big just went down:
Among the top ten crypto exchanges, those offering BTC lending experienced a massive amount of BTC and ETH spot longs getting liquidated.
This is equivalent to a huge number of retail traders actively selling "spot BTC" at low market prices, which institutions snatched up in bulk.
The impact of this is even greater than OTC trades. That's because OTC is at market price, while the liquidation orders are being sold at increasingly lower prices.
$BTC
$ETH
Among the top ten crypto exchanges, those offering BTC lending experienced a massive amount of BTC and ETH spot longs getting liquidated.
This is equivalent to a huge number of retail traders actively selling "spot BTC" at low market prices, which institutions snatched up in bulk.
The impact of this is even greater than OTC trades. That's because OTC is at market price, while the liquidation orders are being sold at increasingly lower prices.
$BTC
$ETH