Following a surge above $51,500, Bitcoin, the world's largest cryptocurrency, dropped by 12 percent. The dramatic drop in the price of Bitcoin resulted in a large liquidation of open interest in Bitcoin futures. During this sell-off, over $4 billion in open interest in Bitcoin was cleared. Long holdings have been heavily liquidated following Tuesday's price drop to $42K. Bitcoin appears to be indicating a trend reversal, with bears gaining control of the market.