Selling pressure continues in the markets. Bitcoin, the largest cryptocurrency, experienced another pullback today following yesterday's sharp decline.
The Bitcoin price fell by approximately 2.5% in about 40 minutes, dropping from the $83,000 level to $80,800. At the time of writing, BTC is trading at $81,292.
The volatility in the market has also led to significant liquidations in the derivatives sector. According to data from the last 24 hours, the total amount of liquidations reached $961.17 million. Of this, $857.97 million was from long positions and $103.20 million was from short positions.
Ethereum's loss of over 7% in 24 hours and Cardano's drop of over 8% reveal that selling pressure is not limited to Bitcoin but has spread to the altcoin market as well.
Was Today's Drop Due to Massive Selling?
Meanwhile, according to data from the on-chain analytics platform Arkham, Heka, a quantitative and systematic trading fund under Abraxas Capital, transferred approximately 2,000 BTC to the Kraken exchange about two hours ago. Heka is known to focus particularly on major crypto assets like BTC and ETH, and their related derivatives.
