Over 370,000 crypto traders were liquidated, losing $1.8 billion in the largest long liquidation event of the year. The majority of these positions were in Ether and Bitcoin, coinciding with a drop in the crypto market capitalization of over $150 billion, hitting a two-week low of $3.95 trillion. Bitcoin fell below $112,000, and Ether dropped below $4,150, marking significant pullbacks since mid-August. Analysts suggest that while the market has found temporary support, further corrections may occur in line with historical trends from previous Septembers. The flush was attributed to excessive altcoin leverage, leading to cascading liquidations whenever the market dipped. Some analysts see this as a reset for weak hands in the market rather than a shift in the long-term bullish trend for Bitcoin and other cryptos. Major assets might find support before moving higher, with Bitcoin's potential dip into the $105-$100k support zone seen as a buying opportunity for a year-end rally.

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