Bitcoin’s price has significantly dropped, dipping below $82,000 during the early European trading hours on Friday. In this recent market downturn, liquidations have soared to nearly $2 billion, predominantly influenced by the recent sell-off.

Bitcoin Price Chart Source: TradingView

According to data from Coinglass, almost $2 billion worth of positions have been liquidated over the last 24 hours. The majority of the liquidations were long positions, reflecting the heavy market pressure causing a downward trend.

The latest drop also signifies that average ETF investors holding Bitcoin are losing out, with prices plummeting over $20,000 in just 10 days. New reports indicate that ETF outflows have reached $903 million, adding to the downtrend.

However, it’s notable that the falling prices have led some large investors, or whales, to take advantage of the low prices and buy in, creating a counterbalance to the widespread liquidations.

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