According to live bitcoin (BTC) price data at the time of writing, the leading crypto has spent five days in a bearish trend, including Thursday. The sharp drop brought BTC below the $114,000 mark. As a result, bullish leverage traders have shed over $700 million as the market moved against their predictions.
Notably, with BTC, Ethereum (ETH), Solana (SOL), BNB, and other high market-cap coins dropping in value, the entire crypto market capitalization has recorded a decline of over 4% to $3.7 trillion within the past 24 hours.
Over $750M in the Mud
According to data from the Coinglass liquidations tracker, over 180,000 traders were affected by the price plummet. Those who went long on ETH lost the most, around $230 million. Bullish BTC traders shed approximately $180 million while SOL, XRP, and Doge stripped off about $110 million from traders.
The highest single loser was a bullish trader on the Binance exchange, perpetuals platform. The market swept off $13.79 million from this speculator on an ETHUSD pair.
On the other hand, a few traders who went short were also affected. These bearish traders lost over $50 million, although the entire market moved in their predicted direction. This could be due to a little price retracement or liquidity sweep.
Why’s the Market Down?
Realistically, a major contributor to the downtrend is the end of a business month. Institutional and private maximalists who invested in the crypto market see the monthly close as an opportunity to secure profits. Meanwhile, various indicators point to a forthcoming decline in the first half of the new month.
On the other hand, some corporate investors are not securing any profits. With the long term in view, these investors have continued to boost their stash. Foremost among them is Strategy, a U.S.-based business intelligence firm that has made its name as the first and largest institutional bitcoin holder. Earlier this week, it spent $2.46 billion to acquire 21,021 BTC. The firm now holds 628,791 BTC.
Meanwhile, the bitcoin price chart still shows some positivity on the one-month scale, seeing a perfect start to Q3, a quarter known for minimal price improvement.
