Bitcoin and the broader crypto market have taken harsh losses over the past two days. After the BTC price was still trading above the psychologically important $30,000 price mark on Tuesday, a sharp downward correction followed on Wednesday, dragging the entire crypto market down with it.
And an even deeper correction cannot be ruled out. At press time, the BTC price dropped below $27,900, ETH traded slightly above $1,900.
A big reason for the sell-off in the crypto market in recent days was the funding rates on leveraged long bets. A large number of traders had recently opened bullish bets on a sustained rise in Bitcoin and Ethereum, an easy play for market makers to liquidate these positions through major sell-offs.
According to Coinglass, liquidations of leveraged positions exceeded $262.5 million across the crypto market yesterday (Thursday). This is the highest level so far this year and shows that the greed in the market was too high.
According to @coinglass_com data, yesterday s
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