BTC price crashed to $61,300 before recovering to $62,500 as $3 billion in liquidations hit over two days and traders loaded up on $60,000 puts anticipating further losses.

Open interest has risen to 773,000 BTC, one of the highest readings on record, while funding rates remain elevated despite weak spot demand and growing market fear.

BTC hits a multi-week low as liquidations cross $1.35 billion. While some blame Strategy BTC sale others point to a summer liquidity slowdown.