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Bitcoin drops to $26K as the result of Binance whales selloff
In aggregate, $120 million worth of Bitcoin was put onto exchanges yesterday.
Quick Take
- In aggregate, $120 million worth of Bitcoin was dumped onto the market yesterday.
- Mainly from Binance whales — where most of the selling pressure came from.
- In the grand scheme of things, this is not a lot of sell pressure but the issues stem from an illiquid market — price is susceptible to aggressive moves.
- The move down earlier this week resulted from an 8% drop in open interest, resulting in a liquidation cascade.
