24-hour long liquidation of $1.25 billion, hitting a new high since February 5th.

This is not a normal pullback, but a day when leveraged longs are being collectively wiped out.
$BTC once dropped below $66,000, with ETF outflows and geopolitical risks putting downward pressure;
Breaking this level indicates spot buying can't temporarily absorb external risks.
The current contract mark price is around $67,209, suggesting the price is recovering but hasn't fully shaken off panic.
The Fear and Greed Index is only at 11, indicating extreme fear,
which shows market sentiment has shifted from a correction trade to a risk-averse trade.
More importantly, $BTC open interest still stands at $7.24 billion, with longs accounting for 69%.
$7.24 billion indicates that on-chain leverage hasn't fully receded, and a 69% long ratio suggests some traders are still betting on a rebound after the dip, making the market susceptible to further liquidation chains.
The active buy-sell ratio is 1.14, indicating short-term active buying still exists, but in extreme fear, this buying is more about attempting to recover rather than trend confirmation.
Policy pressures are also increasing, with the U.S. Treasury sanctioning Iran and naming four crypto exchanges;
these four exchanges have been sanctioned, meaning geopolitical risks are starting to directly impact crypto inflows, outflows, and compliance channels.
On the other hand, Mastercard is expanding USDC, PYUSD, RLUSD stablecoin settlements,
showing traditional payment giants are still advancing stablecoin infrastructure; such news is more medium- to long-term positive, but in the short term, it can't outweigh ETF outflows and liquidation pressures.
Next, observe whether ETF continues net outflows, whether $BTC open interest can cool down from $7.24 billion, and whether sanctions will spread to more exchanges and stablecoin channels.
$BTC #BTC
Assisted by Claude Opus 4.8 model; this is not investment advice, please make independent judgments.