Bitcoin continued its downward trend, falling as low as $72,728 during the session, a six-week low. At the time of writing, BTC was trading at $73,376, down 3.2% on the day and extending its weekly decline to 5%. As prices weakened, liquidation in the futures market accelerated, with traders beginning to readjust their positions.
Whale long positions rise to 1268 BTC
During the market downturn, a whale named Garret Jin continued to increase its long Bitcoin position, raising its holdings to 1,268 BTC, with a nominal value of approximately $94.4 million. According to reports, this position is currently showing a paper loss of approximately $2.08 million.
The article states that this whale continued to increase its holdings, partly to reduce the risk of being liquidated during periods of high volatility. CoinGlass data shows that in the past 24 hours, Bitcoin long liquidations reached $348 million, with total liquidations amounting to approximately $366 million.
Sellers dominate the futures market
On-chain and derivatives data indicate that large sums of money remain active in the Bitcoin futures market. CryptoQuant's average futures order size data shows that the market is still dominated by large orders, but the order volume has decreased significantly compared to before.
Meanwhile, the derivatives bid-ask ratio fell to a two-week low of 0.9. A reading below 1 typically indicates that selling pressure dominates the futures market. If sellers continue to dominate during price pullbacks, it often reflects traders' preference for reducing risk exposure and their concern about further liquidation.
The $70,000 mark is once again attracting attention.
The report also mentioned that the recent downward momentum has strengthened, mainly due to pressure from long positions. If selling pressure continues and large futures traders continue to reduce their risk exposure, Bitcoin may next test the $70,500 level.
However, if market leverage is further cleared and short-term selling pressure eases, BTC may regain its position above $75,000, leaving room for price recovery.
