Bitcoin (BTC) plunged sharply on April 1 on a massive liquidation of bullish (long) bets

According to data from on-chain analytics platform CoinGlass, approximately $212 million was liquidated in the Bitcoin futures market over the course of the day. The massive liquidation of long bets was driven by Bitcoin's sharp price drop in the morning. After hovering around $71,000, Bitcoin began to plummet at 6:00 a.m. This plunge was followed by a massive liquidation of long bets in the futures market at 1:00 p.m., about five hours later.

In fact, long bets accounted for about $147 million of the Bitcoin futures market liquidation. Altcoins were also hit hard by Bitcoin's decline. However, Bitcoin and altcoins bounced back together by an average of about 2% in the afternoon on the back of a sharp influx of bargain hunting into the market.