Bitcoin (BTC) saw a sharp plunge on Feb. 27, 2025, at 8:35 p.m. Eastern Time, dropping from around $84,000 to the $81,084 range in a matter of minutes on Bitstamp. The sudden move startled traders and triggered a wave of stop-loss orders, intensifying the rapid sell-off. Coinglass stats show $106 million in bitcoin longs were wiped out in just the last hour alone. It added another nearly $200 million in longs wiped off the board on Thursday (over $500M total). Within a short period, trading volumes spiked, suggesting a flurry of liquidations and margin calls for overleveraged positions. At press time, bitcoin is coasting along at $82,395 per coin after the massive downturn subsided.

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“We are making lower lows in this current wave,” Bitmex co-founder Arthur Hayes said after the dip. “I was tempted to add risk this morning, but looking at this price action I think we have one more violent wave down below $80k, most likely over the weekend, then crickets for a while. Hold on to your butts,” he added.

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