Bottom line: ADA open interest rose 2.2% in a day, but $64,000 in longs were liquidated in the last hour, accounting for 96% of the total. Those who just added positions were hit first.
Liquidations totaled $125,000 over four hours, with 97% coming from longs. The 24-hour total was $2.151 million, split nearly evenly between longs and shorts, suggesting that short-term longs were the first to get squeezed out in this move.
The largest was a $35,500 long on Bybit, followed by Binance liquidating another $23,400. Open interest across the market stands at $586 million. Binance and Gate both added about 4% in a day, while OKX cut its open interest by 4.6%—major exchanges are not all on the same side.
$ADA $BTC
Do you think this move in ADA is shaking out longs, or are the bulls not ready to give up yet?
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