Traders got flushed on Tuesday, then quietly reloaded. The derivatives data tell a different story from the price.
📌 What happened
Per CoinDesk citing CoinGlass data, about $547 million of leveraged positions were liquidated over 24 hours, with ether accounting for $174 million. Yet futures volume rose 16% to about $183 billion and open interest fell only 1% to roughly $153 billion. Bitcoin futures open interest climbed to 660,000 BTC from an 11-month low of 626,000 on September 30, against a record near 800,000.
🔍 Why it matters
• Shorts made up over 52% of taker volume and funding rates for bitcoin and ether turned slightly negative, so the new positioning leans bearish.
• Whale positioning on Binance was bullish on bitcoin but bearish on ether, $SOL and XRP, per CoinDesk; on OKX it was bearish to neutral.
• Ether open interest rose to 13.22 million ETH from 12.5 million a day earlier, still below May's peak near 15.95 million, which means leverage is rebuilding, not maxed out.
👀 What to watch
• A short squeeze is possible if prices stabilise, given negative funding and heavy short taker flow.
• The risk: SOL is down about 3.5% near $114.6, per CoinGecko, and whales on the largest venue are positioned against it. Rising open interest into a falling price can also mean fuel for the next liquidation wave.
💬 Negative funding and rising open interest: squeeze setup or more downside?
#Derivatives #Solana #Liquidations
📌 What happened
Per CoinDesk citing CoinGlass data, about $547 million of leveraged positions were liquidated over 24 hours, with ether accounting for $174 million. Yet futures volume rose 16% to about $183 billion and open interest fell only 1% to roughly $153 billion. Bitcoin futures open interest climbed to 660,000 BTC from an 11-month low of 626,000 on September 30, against a record near 800,000.
🔍 Why it matters
• Shorts made up over 52% of taker volume and funding rates for bitcoin and ether turned slightly negative, so the new positioning leans bearish.
• Whale positioning on Binance was bullish on bitcoin but bearish on ether, $SOL and XRP, per CoinDesk; on OKX it was bearish to neutral.
• Ether open interest rose to 13.22 million ETH from 12.5 million a day earlier, still below May's peak near 15.95 million, which means leverage is rebuilding, not maxed out.
👀 What to watch
• A short squeeze is possible if prices stabilise, given negative funding and heavy short taker flow.
• The risk: SOL is down about 3.5% near $114.6, per CoinGecko, and whales on the largest venue are positioned against it. Rising open interest into a falling price can also mean fuel for the next liquidation wave.
💬 Negative funding and rising open interest: squeeze setup or more downside?
#Derivatives #Solana #Liquidations