"Hmm if it falls again, this is the last chance for sauk investors right?"
The price of the king of cryptocurrency Bitcoin (BTC) weakened to $60,966 immediately after traders took profits and liquidated long positions further causing the trading volume to plummet.
Not only that, BTC's fall was also triggered by hawkish statements from Federal Reserve (Fed) official Neel Kashkari, regulatory actions, options expiry coming up including relatively weak crypto price movements.
Through observation, more than $400 million has been liquidated across the crypto market in the last few days and it should be known that the largest liquidation order happened on OKX, where someone acted to exchange Ethereum (ETH) for US dollars worth $3.86 million.
After recording positive net inflows for two consecutive days, data from Farside Investors showed the US-based spot BTC ETF recorded an outflow of $15.7 million on May 7, 2024.
According to crypto analysis firm 10x Research, $2 billion in unlocks over the next ten weeks could bring down altcoins as a multi-billion dollar supply event could further delay any recovery.
Token unlocks in large numbers are usually a declining event followed by increased supply through the distribution of assets previously locked in entitlement contracts to team members, organizations and early investors including venture capital firms.
As of this writing, BTC price has plunged by 1.73% to $61,475 in the last 24 hours with a market cap of over $1 trillion but is still up 6.69% over the past week.
