This move in BCH is truly killing shorts: in a single day, it jumped from 261 to 331, up 22%, and the current price is still around 320.
In the past 24 hours, liquidations in the whole futures market totaled $3.79 million, with $2.83 million from short positions—75%. The timing is even more brutal: 97% was concentrated in the most recent 12 hours. During the day it was calm, but at 8:30 PM, a Binance order wiped out 427 shorts, amounting to $120,000.
Holdings are just as outrageous: total open interest across the whole network surged 57% in one day to $420 million, while Binance alone doubled to $150 million. The shorts were wiped out, and new money is rushing in.
The funding rate is still stuck at the 0.01% baseline, which suggests this isn’t a squeeze driven by rates; the longs also haven’t pushed things out of control. In the past hour, liquidations have been evenly split between longs and shorts—those who chased price higher are starting to take the first hit.
Do you think BCH can hold above 300?
Check in real time: https://www.coinboss.com/liquidations