Perpetuals Market Daily | 10/24: Deleveraging on the decline, buy orders absorbed
At 07:00, the most unusual combination appeared in $BTC .
The price was $80,834.2, down 0.59%. Open interest fell to $7.484 billion, contracting 4.1% in a single period. This suggests the decline was mainly accompanied by deleveraging, rather than a concentrated influx of new short positions.
Yet the long ratio remained at 68%, the taker buy/sell ratio reached 1.32, and the funding rate stayed positive.
Aggressive buying failed to support the price. Some of these buy orders may have been short covering, or they may have been absorbed by sell orders overhead; long positions have not truly returned to a safe level.
Crowding is more pronounced in smaller tokens.
Funding rates for BTW and ARK fell as low as -1.553% and -1.49%, respectively, making the cost of holding short positions extreme. Further declines may not come easily. On the other side, TBT's funding rate rose to +0.292%, with the risk of a long squeeze also building.
On the news front, Bitcoin Core developers are accelerating fixes for vulnerabilities that could be rediscovered by AI, a reminder of short-term infrastructure risks.
After Futu enabled BNB deposits and withdrawals, BNB rose 0.75%, while its funding rate remained at 0. For now, this looks more like a price reaction to expanded spot access than a leveraged chase in the futures market.
Next, watch whether the price can hold near $80,834.
If aggressive buying continues to dominate but the price still fails to recover, while open interest stops declining, crowded long positions could once again turn into liquidation pressure.
This content was generated with the assistance of Claude Fable 5 and is for informational purposes only. Please verify it independently.
At 07:00, the most unusual combination appeared in $BTC .
The price was $80,834.2, down 0.59%. Open interest fell to $7.484 billion, contracting 4.1% in a single period. This suggests the decline was mainly accompanied by deleveraging, rather than a concentrated influx of new short positions.
Yet the long ratio remained at 68%, the taker buy/sell ratio reached 1.32, and the funding rate stayed positive.
Aggressive buying failed to support the price. Some of these buy orders may have been short covering, or they may have been absorbed by sell orders overhead; long positions have not truly returned to a safe level.
Crowding is more pronounced in smaller tokens.
Funding rates for BTW and ARK fell as low as -1.553% and -1.49%, respectively, making the cost of holding short positions extreme. Further declines may not come easily. On the other side, TBT's funding rate rose to +0.292%, with the risk of a long squeeze also building.
On the news front, Bitcoin Core developers are accelerating fixes for vulnerabilities that could be rediscovered by AI, a reminder of short-term infrastructure risks.
After Futu enabled BNB deposits and withdrawals, BNB rose 0.75%, while its funding rate remained at 0. For now, this looks more like a price reaction to expanded spot access than a leveraged chase in the futures market.
Next, watch whether the price can hold near $80,834.
If aggressive buying continues to dominate but the price still fails to recover, while open interest stops declining, crowded long positions could once again turn into liquidation pressure.
This content was generated with the assistance of Claude Fable 5 and is for informational purposes only. Please verify it independently.