A sharp leverage flush swept through derivatives desks over the past day, triggering over $1 billion in liquidations as longs took the brunt of the damage. $BTC slipped toward an intraday low near $80,000, breaking through the resting buy orders clustered around $81,000 before attempting to stabilize.
Macro headwinds and heavy ETF outflows set the stage for this unwind, and funding rates have cooled off significantly across major assets as open interest cleared out. Short-term holders are also moving coins to exchanges at a loss, showing clear capitulation among late buyers.
I am watching the $82,500 level on the weekly close to see if bulls can reclaim the range. If that fails to hold, the next notable liquidity pocket sits down near $75,000. Markets rarely bottom on the first flush.
Source: CryptoSlate, BeInCrypto
$NEAR
Macro headwinds and heavy ETF outflows set the stage for this unwind, and funding rates have cooled off significantly across major assets as open interest cleared out. Short-term holders are also moving coins to exchanges at a loss, showing clear capitulation among late buyers.
I am watching the $82,500 level on the weekly close to see if bulls can reclaim the range. If that fails to hold, the next notable liquidity pocket sits down near $75,000. Markets rarely bottom on the first flush.
Source: CryptoSlate, BeInCrypto
$NEAR