Analysis: This decline may be a test by Eastern investors on the market, or it could be due to the liquidation of unsettled contracts

On December 6th, crypto analyst @Phyrex_Ni posted on platform X stating that Bitcoin fell this morning, with the main sell-off occurring on two CEX trading platforms. The drop happened exactly when liquidity was shifting from the West to the East, which is also when liquidity is at its lowest point. It's very likely that Eastern investors were testing the price.

The amount of capital used in this sell-off wasn't particularly large and didn't resemble a large-scale group operation. Instead, it seemed like a blowout of open contracts. During the entire process, all trading platforms saw a decrease of about 15,000 BTC in open contracts - almost a situation where both long and short positions exploded simultaneously; among them, long positions (accounting for about 70% of total liquidations) took most of the hit.