Bitcoin Drops to $65,000 Amid Wave of Liquidations
Sharp weekend decline driven by excessive leverage and shrinking stablecoin liquidity
The cryptocurrency market experienced a sharp downturn over the past few days. Bitcoin retreated from $81,000 to the $65,000 range during last Saturday.
The movement was surprising as it occurred during a period of typically low liquidity. Analysts rule out massive selling by large investors or whales. No significant deposits were identified on exchanges that would justify the downward trend.
The determining factor was excessive leverage within the system. About $500 million was liquidated on Saturday alone. Approximately 94% of these liquidations came from long positions that were forced to close their operations.
On-chain data reveals a concerning reduction in global liquidity. The market lost nearly $9 billion in stablecoins during this devaluation cycle. This is the largest capital withdrawal from stablecoins observed throughout 2026.
The current scenario reflects selling pressure forced by the derivatives market. Meanwhile, wallets linked to well-known industry figures took advantage of the dip to accumulate assets such as Ethereum. The environment remains volatile with a decrease in available trading volume.
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