Bitcoin Liquidations Shock the Market: 467 Million Wiped Out as BTC Drops and Whales Buy the Dip

Bitcoin (BTC), the largest cryptocurrency, recorded $467 million in liquidations in the last 24 hours. After this shakeout, Bitcoin (BTC) markets look cleansed, to CryptoQuant\'s community analysts. While the paper hands are selling, someone is injecting resources into \"buy the dip\" opportunities. Bitcoin Liquidations Overview Bitcoin liquidations have been a hot topic in the crypto market recently. With $467 million in long positions wiped out within 24 hours, this major shakeout has left many traders questioning the direction of the market. The large-scale liquidations are seen as a crucial event, cleansing the market of overleveraged positions. Bitcoin (BTC) market cleaned out Bitcoin\'s (BTC) price drop, accompanied by the largest liquidation of long positions in recent times, has resulted in the \"cleansing\" of the market and put an end to the multi-month Bitcoin Futures Open Interest uptrend. Such analysis was shared by Mignolet, a verified community author of CryptoQuant.