According to Michaël van de Poppe, the recent event marks the highest long liquidation for Bitcoin since October 2021. This indicates a significant impact on the market, as assets are transferred from weaker to smarter investors. Despite this, van de Poppe suggests this is an extreme buying opportunity rather than the end of the bull cycle.

According to Skew Δ, the Bitcoin market is experiencing aggressive selling pressure, though current sell volume is not significant. Long positions are being liquidated under price pressure, while passive buyers are attempting to absorb the selling activity.