In this WLD drop, most of the longs cut themselves, not because they were liquidated/exploded.
Down 9.7% in 24 hours; current price is $0.407. Across the whole network, contract open interest shrank by 15.6% in a day—about $48 million in positions disappeared. In the same period, liquidations totaled only $5.72 million; withdrawal was more than 8 times the liquidations. Most leveraged longs reduced positions and ran voluntarily, not by holding until they were swept away at the liquidation line.
Rate clarification: after it dropped this much, Binance’s funding rate annualized is still -14%. OKX and Bybit are also negative. You were right about the short direction, but there were too many squeezed participants—every 8 hours you have to pay extra to the longs.
The dumped positions have already been withdrawn, so the selling pressure fuel has actually gotten less. Do you think this WLD move has already hit the mark?
View in real time: https://www.coinboss.com/currencies/WLD