Bitcoin (CRYPTO:BTC) faced a harsh week, plummeting below the pivotal $67,000 mark and triggering a massive $427 million in liquidations across various trading platforms in just 24 hours.

This sharp decline has left analysts searching for explanations, with the options market and retail exchange activities shedding some light on possible triggers.

QCP Capital pointed out a downside skew in options risk reversals earlier in the week, hinting at anticipated market downturns by some traders.

The situation escalated with substantial liquidations on retail-focused exchanges like Binance (CRYPTO:BNB), where a swift change in perpetual funding rates from bullish to neutral intensified the price drop.

Most affected were long positions, with $342 million in bullish bets liquidated, emphasising Bitcoin's role in this tumultuous period.