$BTC $ETH

In the past 24 hours, $2.5 billion in liquidations, longs were bloodbathed, and funds are rapidly fleeing to safe-haven yield zones.
After Bitcoin fell below $63k, the crypto market experienced the most intense leverage liquidation since this correction began. In the past 24 hours, the entire network saw $63k in liquidations, with long positions accounting for $2.54B, a proportion of up to 94%;
ETH liquidations reached $2.4B, BTC liquidations were $774 million. The Fear & Greed Index (FGI) also dropped to 17, entering an extreme fear zone.
Meanwhile, Bitcoin spot ETFs have been net outflows for six consecutive weeks, with a total monthly outflow of $6.4 billion, setting a record. Mainstream cryptocurrencies generally experienced capital withdrawals, with BTC, ETH, SOL, and DOGE all showing significant net outflows.
You might be wondering, why hasn't the market dropped sharply, yet the liquidation amounts are so large?
Indeed, the market still has consensus: easing US-Iran tensions, the rate hike expectations materializing, and after Bitcoin broke below $60k, it rebounded to $64K. The false breakdown of $60K is seen by many as a setup for a rebound.
At the same time, in recent days, large whale ETH purchases and ETH spot buy orders have boosted the market, making BTC temporarily stronger. Ultimately, during the early-week correction, ETH's liquidation amount did not disappoint, recording the largest liquidation.
Currently, the market is in a downtrend, but there is a false signal of support at the $60k level. It’s a dilemma whether to chase short positions on the right side or to lay in wait for long positions on the left side.
From the small rebound trend starting at $59K, it has not yet fully invalidated. Small-scale movements are driving larger trends. I still find it more reasonable to go long here; if it effectively breaks below $61,800, I will continue to watch for $60K.
Overall, the market is in a consolidation phase. Currently, it’s believed to be a bottom-fishing trap. Patience is needed to wait for confirmation before entering, and panic sellers should stay on the sidelines until a clear opportunity arises.