Bitcoin Drops Below $78K as $270M in Long Liquidations Hits Derivatives Market
Bitcoin tumbled below $78,000 following a swift reversal from its $81,000 peak, wiping out $270 million in long liquidations. Over-leveraged traders took a direct hit as profit-taking swept order books. However, steady spot ETF inflows signal that institutional demand remains intact.
Bitcoin took a sharp slide under $78,000 after bulls failed to hold ground above the $81,000 high. The swift rejection unleashed a wave of profit-taking that caught over-leveraged traders off guard.
Derivatives markets flushed out $270 million in long positions in hours as stop-losses triggered down the ladder. Despite the violent leverage cleanup, institutional demand remains intact, with spot Bitcoin ETF inflows absorbing heavy selling pressure on spot books.