A worrying bloodbath continues to grip the cryptocurrency market, as over $423 million worth of assets have been liquidated within just the last four hours alone, according to data from CoinGlass. This comes after a staggering $714 million was wiped out in the previous 24 hours. The sheer scale of losses is evident with over 163,000 traders losing positions in a single day – more than the entire population of Kansas City or Springfield combined. The largest individual loss occurred on Bitfinex, at $8.21 million. Bitcoin’s current price has plummeted to another multi-month low of $82,455, officially entering the bear market after falling by more than 20% from its all-time high of nearly $109,000 achieved back in January. According to Santiment, key investors have dumped a staggering 6,813 coins – the largest drop since last July. The firm suggests that these patterns may reflect how Bitcoin’s price performance aligns with the behavior of whales and sharks over the long term. Bitcoin ETFs are also experiencing record outflows on Wednesday, setting up for their worst week ever. Whether this trend will continue remains to be seen. Pseudonymous trader DonAlt believes any price break above the previous low of $90,000 is a favorable signal for long-term investors.