The takeaway first: NEAR saw $180,000 in liquidations over four hours, with longs accounting for 59%, but this move hasn't become a one-sided rout.
There were 74 liquidations over four hours: $106,000 came from longs and $74,500 from shorts. Long liquidations were 42% higher, showing that traders chasing the rally took the first hit, though shorts weren't entirely spared either.
Liquidations totaled $2.31 million over the past 24 hours, with shorts accounting for 69%—the exact opposite of the long-dominated picture over the past four hours. The short-term momentum has shifted, and chasing either a drop or a rally could leave traders caught in the next wave of liquidations.
NEAR's total open interest is around $1.48 billion, up another 2.72% in a day. But over the past four hours, open interest has generally declined across major exchanges, suggesting traders are reducing leverage even as they trade.
$NEAR $BTC
Do you think NEAR will surge after flushing out the longs this time, or continue to deleverage first?
View in real time: https://www.coinboss.com/currencies/NEAR