Conclusion first: QNT positions rose 15% in a day, but in the four-hour liquidations, nine-tenths were long positions. People who chased the add-on bids were the ones who got hit first.
Over the past four hours, $232,000 was liquidated. Longs accounted for $206,000 (88.6%). Binance alone contributed $185,000, indicating this round is mainly due to problems with long positions.
Total position value is $171 million. Binance’s position increased by 11.9% in one day, MEXC by 23.3%, but Bybit cut its positions over the past four hours by 3.8%. Capital is not squeezing in the same direction.
Fees are diverging too: Binance’s annualized rate is about -83%, Gate about -105%, and shorts receive subsidies; but some exchanges still have positive fee rates. With position increases coinciding with long liquidations, don’t just look at the two words “adding positions” on a short-term basis.
$QNT $BTC
Do you think this QNT move is a long position wash, or a breakout chase where the uptrend is starting to loosen?
View in real time: https://www.coinboss.com/currencies/QNT