FORM is still up about 20% right now, but today, seventy percent of the liquidation losses were from longs.
From 0.259 to 0.4255, the largest intraday gain was 64%. Then it got smashed down in one go to around 0.31—falling 26% from the high. The daily chart is still green, and the long positions that chased after the peak have all been wiped out.
In the last 24 hours, the entire market has been liquidated explosively, totaling $1.11 million, with longs accounting for $780,000. In the most extreme recent 4 hours, 89% of the liquidated positions were long trades. At 1:12 a.m., a Binance order of 100,000 coins long at 0.370 was liquidated for $37,000. Then around 3:00 a.m. near 0.34, two more positions were liquidated. At 12:59 p.m., the liquidation price dropped to 0.3016. Down, down—every trade kept chasing longs.
Open interest surged 67% in one day to $20.7 million, with Binance accounting for 76%. In the past 4 hours, Binance open interest has dropped by a tenth, and the longs have retreated after being liquidated.
The funding rate is only 0.005%. This wasn’t a liquidation driven by funding—it was the price directly getting smashed.
The altcoin season is seeing broad gains—don’t chase every green candle. Today, have you chased coins that were already at the top?
Check in real time: https://www.coinboss.com/liquidations