Bitcoin briefly dropped below $77k, with $527 million in liquidations across the entire network within an hour, and long positions lost $510 million. This is not just a simple correction but a concentrated release of leverage fragility.

Last week, Bitcoin ETF net outflows totaled 13k BTC, marking the worst week since early February. Ark Invest alone withdrew over 4,000 BTC. Meanwhile, long-term holders' positions increased to 15.26 million BTC, reaching a new high since August 2025.
This divergence warrants in-depth analysis: ETF funds are withdrawing, but on-chain long-term holders are accumulating. Who is panicking, and who is absorbing the supply?
After the "Maji" 25x Ethereum long was liquidated, new longs were opened immediately, and BIT-related addresses still hold a floating loss of $17.5 million but continue to add positions. These actions are not driven by conviction but are forced choices under leveraged speculation.
On the macro level, U.S. Treasury yields broke above 4.5%, with the 30-year yield surpassing 5.0%, putting global risk assets under pressure. The crypto market is undergoing a structural stress test: leverage, capital flows, and macro interest rates are resonating together.
The risk is that if Bitcoin cannot hold the critical support at $78k (the true market mean and short-term holder cost basis), chain liquidations could accelerate. Now is not the time to bottom fish or panic sell, but a window to observe whether the capital structure is truly shifting.
$eth #btc #defi #etf #On-chain data