I hate to say this but there might be a Bear to come this 2nd quarter.
Do you think this isn't the bear yet that you are talking about? Bitcoin's price has already fallen from almost $65,000 to around $53,000. That is more than $10,000 lost. Does that not look a bear to you? Or is it exactly the bear that you are talking about?
Don't hate to say a bear is coming. Crypto, just as others, is always a bear and bull story. It is not bad for the bears to come pay a visit. That is a signal for us all to start buying cheap. Bears are always welcome. You just have to appreciate their presence and do the most appropriate thing to do.
Generally when you see $10 Billion in liqudations in one day it usually means that its a temporarily dip. What is more worrying is if we have a slow grind down day by day. What happened yesterday was an over exaggeration to the India banning bitcoin news.
Why did it fall so much? Well look at how many people were over leverage. I think the funding for the Dec 2021 futures was over 25% which is crazy. The OI kept going higher and higher and hence its no surprise that so many people got liquidated.