Bitcoin drops to $26K as the result of Binance whales selloff

Quick Take

• In aggregate, $120 million worth of Bitcoin was dumped onto the market yesterday.
• Mainly from Binance whales — where most of the selling pressure came from.
• In the grand scheme of things, this is not a lot of sell pressure but the issues stem from an illiquid market — price is susceptible to aggressive moves.
• The move down earlier this week resulted from an 8% drop in open interest, resulting in a liquidation cascade.

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