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An excessive number of leveraged long positions can lead to a precarious state of the market since even a small decline in price can precipitate a wave of liquidations. In fact, the price offell more quickly and dramatically than anticipated as a result of a wave of liquidations that were sparked by the decline in value.
Significant concerns about who is selling are brought up by the $1.28 billion sell-off and the drop in open interest. Large institutional investors, or whales, might be taking profits at significant resistance levels such as $64,800. These major players frequently sell into strength, understanding that a sizable chunk of the market is overleveraged and providing them with a chance to sell at premium margins.
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