Bitcoin's price took a sharp dive on Thursday, plunging 3.5% to $107,500, as short sellers piled in, adding over $1 billion in bearish bets. This sudden drop triggered $724 million in liquidations, with long positions bearing the brunt of the wipeout, accounting for $536 million of the total. The market schism emerged as spot buyers on Coinbase accumulated while shorts attacked on derivatives. But here's where it gets controversial: while the cumulative volume delta of perpetual futures on offshore exchanges decreased, the spot CVD remained steady, suggesting that short perpetual sellers drove Bitcoin's decline. The crypto market is likely to need time to rebalance or find its footing after such a big flush-out, and as long as macro uncertainty lingers, we might expect continued volatility. Despite the dip-buying efforts from spot investors, CryptoQuant's Julio Moreno remains bearish, believing the odds of a rally are tilted to the downside. So, what do you think? Do you agree or disagree with Moreno's bearish outlook? Share your thoughts in the comments below!
