One billion dollars of leveraged bets just got wiped out, and almost all of it was longs. 💥
CoinGlass data reported by ethnews shows total liquidations of 1.03 billion dollars in 24 hours, hitting 199,365 traders, with longs accounting for 924.94 million dollars, 89.4 percent of the total, and Bitcoin alone for 255.88 million dollars. 📊 CoinDesk calls it the worst wipeout since 28 to 29 October, and aggregate open interest tumbled below 26 billion dollars, its lowest since mid September, from 28 billion earlier in the session. My reading is that this was a leverage flush, not a slow selloff, because nearly 500 million dollars was liquidated in the first hour of the United States session alone.
Does the flush end here, or is there another billion of leverage waiting below? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #CryptoNews
CoinGlass data reported by ethnews shows total liquidations of 1.03 billion dollars in 24 hours, hitting 199,365 traders, with longs accounting for 924.94 million dollars, 89.4 percent of the total, and Bitcoin alone for 255.88 million dollars. 📊 CoinDesk calls it the worst wipeout since 28 to 29 October, and aggregate open interest tumbled below 26 billion dollars, its lowest since mid September, from 28 billion earlier in the session. My reading is that this was a leverage flush, not a slow selloff, because nearly 500 million dollars was liquidated in the first hour of the United States session alone.
Does the flush end here, or is there another billion of leverage waiting below? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #CryptoNews
