CYS looked like a different story yesterday morning: prices were dropping, and across the whole network the total futures contract open interest fell steadily from 66 million down to 48 million—both people and positions were moving together.
In less than a day, everything turned around. The current price is 0.9517, up 24%. Over the past 24 hours, the low was 0.6078 and the high was 0.9973. It surged six-tenths off the bottom, and the 1.00 USD level was just barely not reached.
Those who got hit switched to shorting. In the last 24 hours, $1.32 million was liquidated: $1.067 million in short liquidations, accounting for about 80%, while long liquidations were only $256k. In total, there were 1,448 liquidation orders. The most concentrated hour was the one starting at 00:00 Beijing time today: within one hour, $508k in shorts were liquidated across 346 trades—right when price was pushing up toward the $1 mark. The largest single liquidation was on Bybit: liquidation price 1.0156, $17.8k. Around the same minute, three more short positions near 1.00 were swept as well.
By platform breakdown: Binance $565k, Bybit $258k, Bitget $192k—top three platforms account for 90%.
The positioning data tells the same story. Total open interest across the whole network fell back from 48.48 million late yesterday afternoon to 69.43 million—up more than 43% in a single day. Shorts got squeezed in a batch, yet open interest became thicker instead, suggesting that at this level there are still people continuing to short. Funding rates didn’t swing to extremes: Binance at 0.0095%/4h, Bitget slightly negative—nowhere near the point of “paying to grab positions.”
So this isn’t a squeeze forced out of control. The price rebounded first, and shorts were getting liquidated and adding back shorts at the same time. Above $1, there hasn’t been any成交 (filled trade) yet. Next, we’ll see whose margin runs out first.
Live view: https://www.coinboss.com/liquidations/cys
In less than a day, everything turned around. The current price is 0.9517, up 24%. Over the past 24 hours, the low was 0.6078 and the high was 0.9973. It surged six-tenths off the bottom, and the 1.00 USD level was just barely not reached.
Those who got hit switched to shorting. In the last 24 hours, $1.32 million was liquidated: $1.067 million in short liquidations, accounting for about 80%, while long liquidations were only $256k. In total, there were 1,448 liquidation orders. The most concentrated hour was the one starting at 00:00 Beijing time today: within one hour, $508k in shorts were liquidated across 346 trades—right when price was pushing up toward the $1 mark. The largest single liquidation was on Bybit: liquidation price 1.0156, $17.8k. Around the same minute, three more short positions near 1.00 were swept as well.
By platform breakdown: Binance $565k, Bybit $258k, Bitget $192k—top three platforms account for 90%.
The positioning data tells the same story. Total open interest across the whole network fell back from 48.48 million late yesterday afternoon to 69.43 million—up more than 43% in a single day. Shorts got squeezed in a batch, yet open interest became thicker instead, suggesting that at this level there are still people continuing to short. Funding rates didn’t swing to extremes: Binance at 0.0095%/4h, Bitget slightly negative—nowhere near the point of “paying to grab positions.”
So this isn’t a squeeze forced out of control. The price rebounded first, and shorts were getting liquidated and adding back shorts at the same time. Above $1, there hasn’t been any成交 (filled trade) yet. Next, we’ll see whose margin runs out first.
Live view: https://www.coinboss.com/liquidations/cys