Bitcoin (BTC), the world’s largest crypto, recently witnessed an impeccable surge and extended beyond $72,000 with a new all-time high. However, significant long liquidations have been noted for Bitcoin amid the price rally. Moreover, crypto analysts have also pointed toward a major correction in future.
Bitcoin Whales Cash Out Profits
According to an observation by Ali Martinez, a popular crypto analyst on X platform, Bitcoin whale addresses have been aggressively cashing out profits. He referred to a screenshot from Glassnode and noted that the number of Bitcoin whale addresses with over 1,000 BTC has been declining. In the last two weeks, the number of these Bitcoin whale addresses has plunged by 4.83%.
The major liquidations could lead to a massive pullback in Bitcoin price. Moreover, $29.40 million worth of Bitcoin long positions have been liquidated in the past 24 hours, according to Coinglass. While the amount is relatively lesser than average long liquidations, its impact can
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