Last night, the cryptocurrency market experienced a sudden crash,
with over $628 million in liquidations across the network, and more than 130,000 people were liquidated.⚡️
🔍 Main reasons for the crash:
→ Large BTC whales that have been dormant for 7 years sold off their holdings and switched to ETH;
→ These whales still hold about 67,000 BTC, with a very low cost basis;
→ Each time 1 BTC is sold, over $110,000 in funds is required to absorb it.
📊 Market impact:
- BTC is under upward pressure, with selling pressure coming from early players with tenfold returns;
- The trend of whales switching to ETH is evident, and institutions are also embracing Ethereum;
- ETH is performing strongly, with the exchange rate continuously rising and breaking previous highs.
💡 Current trend:
Bitcoin is undergoing a painful period of "early investor restructuring," while Ethereum has become a new choice for whales and institutional funds. The market focus has gradually shifted towards ETH.
