During a period of relatively stable cryptocurrency market performance, over $1.28 billion worth of Bitcoin was sold, causing a brief spike in selling pressure. This unexpected sell-off was further fueled by an influx of optimistic long positions when Bitcoin reached $64,800. However, when Bitcoin failed to continue its upward trajectory, fear replaced optimism, leading to a sell-off that erased about 4,000 BTC in open interest on Binance futures. This decline in open interest highlights the unwinding of leveraged positions, which can be precarious for the market. The sell-off raises concerns about the involvement of large institutional investors, or whales, who may be selling at resistance levels to profit from an overleveraged market.



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