In brief
- A Bitcoin whale sold 24,000 BTC on Sunday, catalyzing a liquidation cascade worth over half a billion dollars.
- Despite the correction, options data reveal that traders remain unshaken, with bullish posturing around the $135,000 and $155,000 strike prices.
- Improving macroeconomic conditions, following last week’s comments from Federal Reserve Chairman Jerome Powell, add credence to the bullish outlook.
A weekend sell order from a large buyer has triggered a flash crash for the world’s largest crypto, forcing over half a billion dollars in liquidations.
The sell order of 24,000 BTC, worth $2.7 billion, catalyzed a 3.74% correction in under ten minutes, resulting in $623 million in liquidations, according to data from CoinGlass.
Still, Bitcoin is up 2.41% from its weekend low of $110,484 and is currently trading near $113,169, according to CoinGecko data.
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Author: Akash Girimath
