Bitcoin Falls Below $80,000 as Long Liquidations Reach $1.34 Billion

The scale of long liquidations points to a leveraged positioning reset rather than a purely spot-driven move, which matters because forced unwinds can amplify price swings beyond what underlying demand would justify. The split between negative ether funding on OKX and still-positive bitcoin funding is the more telling detail: capital appears to be differentiating between the two largest assets rather than treating them as a single risk trade. Whether that funding divergence persists or converges is the open question, since it would indicate whether this is a broad de-risking or a rotation within crypto.