Liquidation of long positions and risk of further liquidations at lower price levels indicate weakening bullish conviction despite some whale and retail buying of the dip

"The most bearish detail in the report isn't the raw inflow volume — it's the composition. The average deposit size doubled from 1 BTC to 2 BTC. That's not retail panic-selling in dribs and drabs; that's whales and institutions deliberately repositioning coins onto exchanges."

"Over $560 million was liquidated from the cryptocurrency market in the last 24 hours, with $490 million in bullish long positions wiped out. Roughly $350 million in Bitcoin longs were at risk of liquidation if the price dropped to $60,000."