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Bitcoin just had one of its most chaotic hours in recent memory, and the numbers speak for themselves. In a single hour, over $2.78 million worth of BTC long positions were erased, with an astonishing discrepancy: $2.75 million in longs compared to a mere $32,000 in shorts, as per CoinGlass. That is an 8,593% imbalance, which is an unusual ratio to see outside of extreme volatility events.
The sell-off happened when Bitcoin plummeted below $117,000 in a fast and sudden move. This broke a sideways range it had been holding near its $123,000 all-time high.
It seems that a dormant whale wallet with more than 80,000 BTC began moving, with at least 16,843 BTC – worth nearly $2 billion – already traced to institutional desks.
Source: u.today
