64% of longs are underwater. Bitcoin has fallen below the $81,993 average entry price—the line where they got in.
A US-listed exchange shared data on X showing that the densest cost basis for Bitcoin net long positions is an average entry price of $81,993, while the current price is only $80,595 🦖
⚡ 有大动静群里说
Over the past 24 hours, $481.25 million in positions were liquidated across the market. Longs accounted for $346.15 million. Bitcoin alone saw $95.06 million in liquidations, including $85.9 million in longs and just $9.16 million in shorts.
This isn’t an ordinary pullback. It’s a structurally significant level. Above $81,993 sits 64% of net long notional positions. In other words, most people opened leveraged long positions above this price—and they’re all in the red now.
My take: the real risk with these positions isn’t the unrealized losses themselves. It’s that traders are forced to choose between adding margin and reducing their positions. Whichever happens first could push the price down another notch. Liquidations don’t happen with one sudden jab; they build layer by layer.
The exchange also gave another signal: the options market’s 25 Delta Skew is 11.3% for 1 day, 10.5% for 1 week, 10.8% for 1 month, and just 3.9% for 1 year ⚠️ Short-term skew is clearly higher than long-term skew. That means traders are worried about the next few days, not next year. Puts are more expensive than calls, and the closer the expiry, the more expensive they are.
Two things are worth watching. First, can Bitcoin reclaim $81,993? If it does, some of the selling pressure from underwater positions could ease. If it can’t, cascading liquidations could push it down to the next level. Second, funding rates. If they turn negative, it means longs are starting to give up—and that would be the real washout signal 🐋
My personal view is a little more cautious: at this level, longs aren’t desperate yet; they’re just starting to feel the pain. A true bottom usually forms when longs are no longer willing to add margin, not when they’ve only just started losing money.
One more bit of context: this sell-off started with weakness in spot markets, then spread to futures and options. The order matters. A decline led by spot suggests real selling, not volatility generated by the derivatives market itself. This kind of market structure usually doesn’t heal in a day.
Are you still holding any long positions? Are you planning to add margin or get out first? Let’s talk in the comments 👀
Every day, I bring you the latest Bitcoin derivatives trends—not just what’s happening, but the logic and opportunities behind it 👀🚀
Tap my profile picture to watch the livestream
A US-listed exchange shared data on X showing that the densest cost basis for Bitcoin net long positions is an average entry price of $81,993, while the current price is only $80,595 🦖
⚡ 有大动静群里说
Over the past 24 hours, $481.25 million in positions were liquidated across the market. Longs accounted for $346.15 million. Bitcoin alone saw $95.06 million in liquidations, including $85.9 million in longs and just $9.16 million in shorts.
This isn’t an ordinary pullback. It’s a structurally significant level. Above $81,993 sits 64% of net long notional positions. In other words, most people opened leveraged long positions above this price—and they’re all in the red now.
My take: the real risk with these positions isn’t the unrealized losses themselves. It’s that traders are forced to choose between adding margin and reducing their positions. Whichever happens first could push the price down another notch. Liquidations don’t happen with one sudden jab; they build layer by layer.
The exchange also gave another signal: the options market’s 25 Delta Skew is 11.3% for 1 day, 10.5% for 1 week, 10.8% for 1 month, and just 3.9% for 1 year ⚠️ Short-term skew is clearly higher than long-term skew. That means traders are worried about the next few days, not next year. Puts are more expensive than calls, and the closer the expiry, the more expensive they are.
Two things are worth watching. First, can Bitcoin reclaim $81,993? If it does, some of the selling pressure from underwater positions could ease. If it can’t, cascading liquidations could push it down to the next level. Second, funding rates. If they turn negative, it means longs are starting to give up—and that would be the real washout signal 🐋
My personal view is a little more cautious: at this level, longs aren’t desperate yet; they’re just starting to feel the pain. A true bottom usually forms when longs are no longer willing to add margin, not when they’ve only just started losing money.
One more bit of context: this sell-off started with weakness in spot markets, then spread to futures and options. The order matters. A decline led by spot suggests real selling, not volatility generated by the derivatives market itself. This kind of market structure usually doesn’t heal in a day.
Are you still holding any long positions? Are you planning to add margin or get out first? Let’s talk in the comments 👀
Every day, I bring you the latest Bitcoin derivatives trends—not just what’s happening, but the logic and opportunities behind it 👀🚀
Tap my profile picture to watch the livestream
