The broader crypto market has endured one of its toughest weeks of the year, with $1.5 billion in liquidations recorded since Monday alone. The pressure intensified as Bitcoin (BTC) slipped back below the $67,000 level for the first time since April, a move that heightened selling fears and weighed on overall market sentiment.
Despite the heavy liquidation numbers, Binance Research argued that the main driver of the recent pullback may have been less about things unique to crypto and more about capital moving into traditional markets.
BTC Hit by A ‘Capital Black Hole’?
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In a report posted on X (formerly Twitter), Binance Research pointed to a sign of unusual strain in equity markets: the CBOE Dispersion Index (DSPX) hit 42, described as the 3rd highest reading ever.
The implication is that investors were heavily concentrating their money into a small set of S&P 500 “hot themes,” leaving less liquidity available
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