Bitcoin fell below $80,000, and long-position liquidations totaled $1.34 billion. The Defiant, a blockchain media outlet, reported on Thursday that the decline involved the unwinding of leveraged bullish positions.
Derivatives indicators were mixed. On OKX, Ethereum funding rates turned negative, but Bitcoin funding rates stayed positive.
Even in the same downtrend, futures market moves differed between bitcoin and ether. Bitcoin slipped below $80,000 but funding rates were positive, while Ethereum's funding rates on OKX turned negative. Liquidations grew as leveraged long positions were closed alongside the price decline.
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