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Bitcoin recorded its steepest weekly decline since the FTX implosion, shedding 16 percent and dragging the price below $60,000 as more than $136 million in $BTC positions were forcibly closed.
The move was not a single-catalyst shock — it was the compounding effect of two structural drains hitting a market already running thin on conviction.
The Mechanics: Liquidations, Not Just Sentiment When a leveraged long gets margin-called, the exchange sells the collateral into the market, which pushes the price lower, which triggers the next liquidation.
That cascade is what $136 million in forced Bitcoin closures looks like from the outside.
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