Bitcoin price hits two-month low as investors withdraw billions from crypto market

The price of Bitcoin dropped by 11.5% over a two-day period, resulting in significant liquidations of long positions and hitting a two-month low. Despite the belief that professional traders have an edge in predicting price shifts, they were caught off guard by the sudden crash. Margin longs at Bitfinex and OKX were high, indicating bullish sentiment, but this did not anticipate the market correction. Futures long-to-short data also showed that professional traders were unprepared for the price drop, suggesting they did not profit from it.