📊 Leverage liquidations completely wiped clean! CoinGlass data leak reveals the truth: is this “deleveraging great purge” meant to welcome the real Uptober?
Stepping into history’s highest-probability bullish month—October (Uptober)—yet CoinGlass’s latest derivatives order book shows an extremely rare abnormal signal:
📌 CoinGlass core order-book changes breakdown:
1️⃣ Contract open interest (OI) plunges: Bitcoin futures open interest fell sharply from 700,000 coins
$BTC down to around 640,000 in late September, forcing tens of thousands of leveraged long positions out of the market.
2️⃣ Price oddly refuses to drop: Normally, such large-scale deleveraging would come with crash “needle” wicks; but in
$BTC 9 September, it somehow closed up +6.33%, marking the second-highest month-on-month gain in history for the same month! This suggests spot buying demand and institutional ETFs are steadily absorbing the sell pressure.
3️⃣ Funding rates return to a healthy range: A bucket of cold water was poured on the market’s extremely bullish and overheated sentiment. With no overly crowded high-interest long positions blocking the board, the order book becomes unusually clean and light.
⚖️ Heated market debate: before the storm?
▫️ Pessimists warn: OI shrinking means retail buying momentum has dried up and trading volume is weak—secondary testing of lows could come at any time.
▫️ Veteran traders are ecstatic: This is a textbook-level “lightening-fast to pull the price” move! Once contract leverage is wiped out, the short side has extremely limited opposing liquidity. If price breaks through, it could trigger an unstoppable one-way short squeeze!
💬 What do you think?
Is the “Uptober October mega bull” that drove
$ETH and
$SOL to catch up gains really about to arrive?
▫️ Bet 1: Leverage has been washed clean; spot buying is taking the baton—October will definitely break the previous high!
▫️ Bet 2: Volume can’t keep up; it’s all the masterminds acting it out—short on rallies!
👇 Drop your strategy in the comments!
#Bitcoin #Coinglass #BinanceSquare