Bitcoin fell below 93200 USD, Ether long wick candle 3000, double kill for both long and short, single day get liquidated reached 630 million.

Bitcoin flash crash breaks below $92,900, Ethereum falls below $3,000, triggering $600 million in leveraged liquidations in a single day, revealing the dual pressure of liquidity exhaustion in the crypto market and institutional fund withdrawal. (Background: Dragonfly partner: Currently, it's the “most go-with-the-flow bear market in history,” so relax a bit, Bitcoin rebounded to $96,000.) (Background information: Bitcoin long wick candle hit $94,000, creating a six-month low, market sentiment turned to extreme panic, and Ethereum was close to seeing two digits.) Today (17th) morning, the cryptocurrency market experienced intense fluctuations, with Bitcoin (BTC) price plummeting to $92,900 within a few hours before sharply rebounding, while Ethereum (ETH) simultaneously hit the $3,000 mark; Coinglass data showed that in the past 24 hours, the amount of long positions liquidated reached $390 million, with total liquidations nearing $630 million. In the face of this price long wick candle, the market has fallen into a panic phase, forcing investors to reassess the fragile balance between liquidity and leverage. Long wick candle flash crash: Bitcoin faces dual pressure The trigger of the incident began with Bitcoin's sudden “long wick candle” drop, with prices touching $92,900 in less than an hour, followed by a rapid rebound above $94,000, forming a typical “dual pressure” pattern—first sweeping away long positions, then trapping the chasing shorts. Data indicates that the amount of long liquidations for Bitcoin in 24 hours was about $268 million, over five times higher than the shorts during the same period, highlighting leverage positions concentrated on the bullish side. The fear and greed index also plummeted to 9/100, below most of the bear market periods in 2022, indicating that market sentiment quickly turned to extreme fear. Chain reaction: Ethereum break widens the wound After the Bitcoin flash crash, the financial pressure quickly spread to Ethereum. ETH broke below the psychological threshold of $3,000, triggering a larger-scale sell-off. In just 12 hours, long positions in Ethereum were liquidated for $178 million; the cumulative liquidation amount for the entire month of November surged to $700 million, far exceeding any month in the same year. This wave of declines also dragged down other native tokens on various chains and blockchain-related stocks, reflecting highly contagious risk-averse behavior in funds. The total net outflow of funds from the market exceeded $2 billion, indicating that panic selling is no longer limited to a single asset. Leverage and liquidity: $600 million liquidation panorama CoinDesk reported that after the crash in October, market makers reduced their liquidity commitments, resulting in continuous exhaustion of depth in centralized exchanges. When high-leverage positions encounter drastic price fluctuations, insufficient margin immediately triggers forced liquidations, and through slippage, pushes prices into more extreme ranges, forming waterfall-style liquidations. Statistics show that in the most intense hour, $206 million in positions were swept out. The total amount of open contracts in futures has shrunk by over $10 billion since the peak in October, reflecting that the market is being passively deleveraged. Amberdata reported that “whales” turned into net sellers in November, along with a cash outflow from Bitcoin spot ETFs reaching $550 million in a single week, causing the passive buying power that originally supported prices to lose strength instantly. At the same time, the unclear direction of U.S. Federal Reserve interest rates, rising geopolitical conflicts, and trade frictions have led investors to lower their risk appetite. Both macro and financial pressures are synchronously pushing down, becoming the last heavy hammer that crushes prices. In summary, insufficient depth, excessive leverage, and institutional exits, although on-chain data shows that some long-term holders are still accumulating on dips, the market may still maintain high volatility until liquidity recovers and macro uncertainties weaken. For investors, strictly following risk control, reducing leverage ratios, and closely monitoring capital flows are necessary to have a chance to preserve positions when the next storm arrives. Related reports Bitcoin dips below $100,000》Charles Schwab teaches “Survival Bible for Bear Markets”: How to invest in a bear market? Michael Saylor clarifies: MicroStrategy hasn't sold Bitcoin! Will new purchase plans be announced next Monday, is BTC going to rebound? 〈Bitcoin dips below $93,200, Ethereum hits $3,000, double kill for both long and short, single-day liquidations reach $630 million〉 This article was first published on BlockTempo, the most influential blockchain news media.