$182M in Bitcoin liquidated as price tanked almost $2,000 within an hour


TL;DR Breakdown:

  • The price of Bitcoin dropped almost $2,000 early today, within a matter of minutes. 
  • The crash resulted in the liquidation of over $89 million BTC positions.

Zooming out to the weekly charts, the largest cryptocurrency, Bitcoin (BTC), clearly seems to be in a downtrend. Since reaching an all-time high (ATH) of $67,000 last week, the price of Bitcoin has been gradually declining. BTC has lost about 11% since the ATH, which somewhat suggests many people have been taking profits. 

Going by on-chain data, this is also the case with long-term holders (LTH). According to Glassnode, a few LTHs are starting to cut in profits from the recent rally.