Over the past 24 hours, smart money in on-chain perpetual contracts sold $5.19 million worth of ETH and bought back only $865,000, for net selling of $4.32 million.
During the wave of $1.16 billion in liquidations across the market, ETH took the hardest hit. You’d think retail longs had been wiped out and it was the perfect time for whales to buy the dip. But these wallets didn’t step in. Among the wallets currently holding positions, 60 are short and only 32 are long.
On paper, ETH short positions total more than $200 million. Most of that belongs to an old account that has kept a 5x hedged short open for years, so I don’t count it as a bearish signal. What concerns me more is the trading direction over the past 24 hours: they’re still selling after the liquidations.
The fact that longs got wiped out doesn’t mean anyone is stepping in. Smart money hasn’t bought the dip, so I’m in no hurry to catch this falling knife.
#CryptoMarket $1.16B Liquidated in 24 Hours $ETH
During the wave of $1.16 billion in liquidations across the market, ETH took the hardest hit. You’d think retail longs had been wiped out and it was the perfect time for whales to buy the dip. But these wallets didn’t step in. Among the wallets currently holding positions, 60 are short and only 32 are long.
On paper, ETH short positions total more than $200 million. Most of that belongs to an old account that has kept a 5x hedged short open for years, so I don’t count it as a bearish signal. What concerns me more is the trading direction over the past 24 hours: they’re still selling after the liquidations.
The fact that longs got wiped out doesn’t mean anyone is stepping in. Smart money hasn’t bought the dip, so I’m in no hurry to catch this falling knife.
#CryptoMarket $1.16B Liquidated in 24 Hours $ETH
