Despite BTC falling below the realized price of ETF buyers, ETF holders did not panic sell, but a deeper correction remains on the horizon.
Over $100 million worth of leverage was liquidated in Bitcoin during the past 24 hours, causing concerns about a potential correction to the $50,000 mark.
Bitcoin (BTC) liquidations reached $100.4 million, with over $86 million worth of cumulative leveraged long positions liquidated, according to CoinGlass data.
The liquidations were triggered by three consecutive days of negative price action that took Bitcoin price from over $62,000 on July 2 to a low of $57,043 hit at 9:22 am UT on July 4, according to CoinMarketCap data.
