Conclusion first: in the four-hour window, SUI liquidated $162k, with longs accounting for 79%. This move mostly took out the people who chased longs first.
In the four-hour period, there were 60 liquidation orders in total: longs were 128k and shorts 34.5k—the direction was very clear. Binance’s First Section alone accounted for 133k, indicating this wasn’t just selling pressure from scattered small platforms; the main battleground was the major exchanges.
But it wasn’t a one-sided rout over the next 24 hours: total liquidations were 1.745 million, with longs at 909k and shorts at 837k. After the longs chasing were liquidated, the shorts also started to cover.
SUI contract open interest is about $849 million, yet it actually increased by 1.97% during the day. Binance’s open interest rose by 2.99%, but OKX fell by 7.75%. The capital didn’t squeeze in the same direction, so it’s more likely that there will be back-and-forth stop-outs next.
$SUI $BTC
Do you think the next wave for SUI will first sweep the long side, or will it be the turn of the short side first?
View in real time: https://www.coinboss.com/currencies/SUI