Over the past 4 hours, Binance futures saw $12.33 million in liquidations: $4.72 million in long positions (38.3%) and $7.62 million in short positions.
After liquidations, I look at three things:
① Which side got liquidated more: mostly shorts, as the upward move triggered short covering;
② The largest liquidation was $AGT ($2.39 million), and its subsequent swings are often the biggest;
③ Whether open interest fell afterward: a drop means leverage was truly flushed out; if it didn’t drop, it means new positions are coming in.
When funding rates or positions are heavily skewed to one side, a move in the opposite direction is often not far off.
Just use this as a reference—don’t take it as gospel.
After liquidations, I look at three things:
① Which side got liquidated more: mostly shorts, as the upward move triggered short covering;
② The largest liquidation was $AGT ($2.39 million), and its subsequent swings are often the biggest;
③ Whether open interest fell afterward: a drop means leverage was truly flushed out; if it didn’t drop, it means new positions are coming in.
When funding rates or positions are heavily skewed to one side, a move in the opposite direction is often not far off.
Just use this as a reference—don’t take it as gospel.