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During the trading session, BTC dropped below $63,000, reaching a two-month low. Within 24 hours, the total account burn across the network reached $1.1 billion, with buy account burns accounting for approximately 85%. Whale accounts like Abraxas Capital reduced their holdings to 2,469 BTC (about $166 million) in just one day, with some leveraged long positions suffering losses exceeding $17 million. [Account name omitted] also transferred 116 BTC to an exchange, indicating significant selling pressure in the market.