$1.3B liquidated, so why didn't Bitcoin's open interest shrink?
BTC broke below $70,000 on Friday and wicked to about $67,450 on the Binance perp, its lowest since Aug 19. Coinglass counted over $1.3B in crypto futures liquidations in 24 hours, $677M of it in BTC (CoinDesk, via Binance News).
Binance BTC futures, 00:00 to 11:00 UTC:
- Open interest: about 101,150 BTC to 101,400 BTC. Flat.
- Long/short ratio by account: 3.12 to 3.46.
- Top traders by position size: 2.32 to 2.06.
The chart is the BTC perp on 1H. The middle panel, Funding Compass, averages funding across four venues and just turned slightly negative for the first time this week. Below it, OI change split by side: orange bars are today's long flush.
My read: the flush was real, but the leverage came back within hours. More accounts bought the dip while the biggest positions trimmed longs, and negative funding says fresh exposure leans short by size. Not a clean reset. A grind back above $70K with flat OI pressures late shorts. Losing $67.4K makes dip buyers the next fuel.
Who gets squeezed first, late shorts or dip buyers?
$BTC #WhatWillDriveCryptoandStocks’NextRebound? #bitcoin #Openinterest
BTC broke below $70,000 on Friday and wicked to about $67,450 on the Binance perp, its lowest since Aug 19. Coinglass counted over $1.3B in crypto futures liquidations in 24 hours, $677M of it in BTC (CoinDesk, via Binance News).
Binance BTC futures, 00:00 to 11:00 UTC:
- Open interest: about 101,150 BTC to 101,400 BTC. Flat.
- Long/short ratio by account: 3.12 to 3.46.
- Top traders by position size: 2.32 to 2.06.
The chart is the BTC perp on 1H. The middle panel, Funding Compass, averages funding across four venues and just turned slightly negative for the first time this week. Below it, OI change split by side: orange bars are today's long flush.
My read: the flush was real, but the leverage came back within hours. More accounts bought the dip while the biggest positions trimmed longs, and negative funding says fresh exposure leans short by size. Not a clean reset. A grind back above $70K with flat OI pressures late shorts. Losing $67.4K makes dip buyers the next fuel.
Who gets squeezed first, late shorts or dip buyers?
$BTC #WhatWillDriveCryptoandStocks’NextRebound? #bitcoin #Openinterest
