SOL, DOGE, and BTC’s Decline Led Crypto Bulls to Suffer $400 Million Liquidation

Crypto News – Many tokens are down a minimum of 8% today. There seem to be many reasons for this, but the main one is that Bitcoin suddenly dropped 5%, losing last week’s gains due to selling pressure. Of course, this process was also influenced by the liquidation of over $400 million in bullish bets.

SOL, DOGE, and BTC’s Decline Led Crypto Bulls to Suffer $400 Million Liquidation

Data indicates a 5% decline in bitcoin, with losses seen in ether (ETH), Cardano’s ADA, and BNB Chain’s BNB. In contrast to Dogecoin (DOGE), which fell more than 12%, Solana’s SOL fell 9.10% to trade at $178 after briefly topping $200 on Monday. After rising 40% over the previous week due to anticipation of the network’s April 4 halving event, Bitcoin Cash plummeted 11% as investors took profits.

Over $400 million was liquidated by longs, or bets on higher prices, while only a comparatively smaller $85 million was liquidated by shorts, or bets against. Bitfinex analysts reported that a few long-term investors liquidated their holdings during the previous week, and they predicted that Bitcoin would remain in a range for the foreseeable future.

We believe that bitcoin is likely to continue to consolidate within a range, as previously dormant supply, particularly among Long-Term Holders (LTHs), is being sold (although at a relatively smaller scale than previous bull market tops). There is strategic profit-taking observed among the LTH cohort (holders of BTC of more than 155 days),

Bitfinex