Bitfinex Report: Over the past two days, Bitcoin long positions have been liquidated for a total of $2.8 billion. Deleveraging may be nearing its end.

BlockBeats reports that on November 6th, Bitfinex released a report indicating that over the past two days, Bitcoin long positions were liquidated totaling $2.8 billion. During the same period, Bitcoin’s price dropped more than 10.4%, falling below the October 10th low to $99,045. The overall market capitalization decreased by $280 billion.

This deleveraging event is similar to the adjustment seen in April, suggesting that leverage and overvaluation are being cleared out, but it also hints that the market may have already bottomed. The decline could be driven by reduced expectations of interest rate cuts in December and ongoing risk-off sentiment due to Bitcoin’s continued weakness relative to the stock market, which has been buoyed by strong earnings reports.

However, once the price finally breaks below the critical $100,000 level, buyers are expected to step in, indicating that the deleveraging phase is nearing its end. The total open interest has also decreased to $69.3 billion, down from $92 billion in early October. The outlook remains optimistic; if ETF capital flows resume, an accumulation zone could form.