BCH did a buy-the-dip spike once, then while it was falling back down, the futures position holdings actually kept increasing.
At 9:10 pm, a 5-minute candle shot up to 318.6, the day’s high. Starting at 9:35 it began to sell off hard; at 10:40 it dipped to 303.1, and now it’s around 306.7. In the past 24 hours, it has barely moved.
In the last 4 hours, BCH was wiped out by $280,000, and long positions account for $216,000. The most brutal part was between 9:36 and 9:41, when OKX had three long orders liquidated totaling $112,000.
The weird thing is the positions. From 9 o’clock until now, Binance has increased its long holdings by over 9,100 coins, about $2.8 million. Since 7 o’clock, the proportion of longs made by Binance’s big accounts rose from 69.5% to 70.7%, while the long/short account ratio on OKX climbed from 2.21 to 2.68.
It dropped 3.7% from the high point; as more people got in on longs, there were actually even more. The funding rate is cooling off—Binance futures projects 0.005%, and OKX has already projected it to turn negative.
303 is the bottom that was just tested tonight. If it breaks again, new long positions will be the next batch to get liquidated.
Do you think this wave for BCH is a shakeout or distribution?
$BCH
Check in real time: https://www.coinboss.com/zh/funding-rate/BCH