Bitcoin (BTC) fell to $62,080 overnight from Saturday to Sunday before rebounding to around $64,700. More than $2.12 billion in leveraged positions were liquidated over 24 hours, including $1.98 billion in long positions, and over 330,000 traders were liquidated. The decline resulted from several pressures building up: outflows from US spot Bitcoin ETFs, a negative Coinbase premium, reduced market liquidity and expectations of Federal Reserve rate hikes. The market also reached a heavily concentrated zone of potential liquidations between $59,500 and $62,600 while order books were thinner. Bitcoin remains about 50% below its $126,080 record, while open interest fell by nearly 10% to $106 billion.
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