According to CryptoMe @cryptometugce, this BTC decline resulted from the convergence of "overnight breaking news × derivative liquidations." Following the ceasefire report on April 8, both derivative and spot positions accumulated bullish exposure, pushing BTC from $70K to $74K, with risk assets overall riding a relief-driven rally. However, subsequent breakdowns in U.S.-Iran negotiations shattered the market’s priced-in “de-escalation scenario,” triggering an abrupt shift to risk-off sentiment. This news acted as a catalyst for long liquidations, reducing Open Interest, and accelerating the decline through leverage-driven position unwinding. We are currently in a phase of “premise collapse and retracement,” not structural change. The next phase will involve carefully observing the repositioning of derivative and spot positions.
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