Here's the conclusion first: TAO fell about 4.7% in a day, and liquidations of longs were 15 times those of shorts. Leverage is unwinding.
TAO liquidations totaled $1.78 million over 24 hours, including $1.669 million in long liquidations and $111,000 in short liquidations. Longs still accounted for 89% of liquidations over the past 12 hours, but total liquidations over the past 4 hours fell to just $2,563, indicating that the sharp sell-off has eased.
Total open interest across all platforms fell to $444 million. Binance's open interest dropped 9.4% in a day, and Hyperliquid's fell 12.3%; OKX, however, saw a 4% increase in open interest over 4 hours, so funds haven't withdrawn from all platforms at the same time.
Binance's funding rate is +0.005%, and OKX's is +0.01%; in both cases, longs pay shorts. Longs are still paying funding, yet the price has already fallen once.
$TAO $BTC
Will longs continue to reduce their positions, or are they close to stopping the bleeding?
View in real time: https://www.coinboss.com/currencies/TAO