While Bitcoin was testing the $90,000 threshold this week, the market took a really hard hit. As liquidations spread like dominoes, the expected interest in ETFs didn’t materialize, and with added macro uncertainties, the situation became even more complicated.

If you remember, the price had tried to reach the $94,000-$95,000 range. Those gains have now evaporated, and this is the second major crash we’ve experienced this month.

The real blow came from the forced liquidation of positions. A total of $500 million vanished from exchanges. Of this, $420 million came from long positions, meaning those expecting a price increase took a heavy hit.