Bitcoin plunged to around $60,000 in a swift selloff driven by whale deposits to exchanges and ETF outflows, reminiscent of the 2022 FTX collapse. Large-scale liquidations of over $1.2 billion in leveraged positions exacerbated the price drop, accompanied by on-chain data showing significant loss realization and whale activity. Macro risk-off conditions and weakening bid support from ETFs further intensified the selloff, revealing structural liquidity vulnerabilities.

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