Long liquidations were a full 13 times higher than short liquidations. In 24 hours, nearly $630,000 worth of US longs were liquidated, compared with less than $50,000 in shorts.
That huge gap in liquidations tells us just one thing: even after the price fell to 0.012, traders were still trying to catch the falling knife—and were quickly swallowed up by the market.
More importantly, contract markets saw sustained net outflows across every timeframe, from 5 minutes to 12 hours. There’s no sign of meaningful buying support.
Longs are being fed into the fire one after another, while money on the sidelines continues to flee. Until we see funds flowing back in, blindly buying the dip is just providing liquidity to the shorts.
#US
That huge gap in liquidations tells us just one thing: even after the price fell to 0.012, traders were still trying to catch the falling knife—and were quickly swallowed up by the market.
More importantly, contract markets saw sustained net outflows across every timeframe, from 5 minutes to 12 hours. There’s no sign of meaningful buying support.
Longs are being fed into the fire one after another, while money on the sidelines continues to flee. Until we see funds flowing back in, blindly buying the dip is just providing liquidity to the shorts.
#US
