Bitcoin has been falling since 11 p.m. last night, from the $103,000 level, and even plunged about 7.6% within 5 minutes this morning at 6:25 a.m., reaching a low of $90,500. At the time of writing, it has rebounded to $96,800.
Analysts believe that this sharp drop may have been mainly triggered by massive liquidations in the futures market. According to data from Coinglass, the sharp drop this morning led to a plunge of over $420 million in long positions within 1 hour. Over the past 24 hours, a total of 208,052 people were liquidated, with a cumulative liquidation amount of $1.1 billion, of which long positions accounted for about $815 million, the largest scale of liquidation in recent months.
However, this round of liquidation has also slightly cooled the overheated futures market, which is a healthy deleveraging activity for the future trend.
