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Yesterday, I saw a crazy liquidation happen on HTX — a major whale with a $61.5 million BTC position was wiped out in one go. Bitcoin dropped from $68,600 on Saturday to $64,300, so you can imagine how bad that was for this position.
The market was completely panicked. In that one day, $468 million in futures were liquidated, almost all from long-position holders who thought it would go up. The Fear Index dropped to 5 — extreme fear, literally. This has happened three times before since 2018, so you know it felt really bad.
What struck me: this pattern keeps repeating. Traders load up on longs during every small rally, and then the biggest whale among them gets shaken out. Bitcoin is now nearly 48% below its all-time high from October, and these kinds of liquidations make it hard to build real momentum. Funding rates have been negative on some exchanges for 46 days, indicating that everyone still thinks bullish, but the price says otherwise.
Expect more volatility until this sentiment truly shifts.