A significant Bitcoin whale has liquidated a $350.4 million leveraged position as Bitcoin's price retreated toward $90,000. The whale, identified by blockchain analytics firm Lookonchain, closed 3,846 BTC long positions, incurring losses exceeding $3.5 million. This move came amid a sharp intraday price drop, highlighting the risks of short-term leverage. The liquidation occurred against a backdrop of broader market weakness, with the global cryptocurrency market declining by 2% on Thursday. Bitcoin's price fell 2.8% to approximately $90,077, while Ethereum and other major cryptocurrencies also posted losses. The market downturn follows a strong rally earlier in January, where Bitcoin briefly surpassed $94,400. Institutional sentiment has also shifted, with spot Bitcoin ETFs experiencing $730 million in net outflows over two days. Ethereum and Solana ETFs saw similar trends, contributing to the market's bearish sentiment. Additionally, U.S.-based miner Riot Platforms sold over 1,800 BTC, adding to the market's downward pressure.
Bitcoin Whale Liquidates $350M Position as BTC Nears $90K
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