In 24 hours, $1.15 billion was liquidated, with long positions accounting for $1.04 billion and shorts only $117 million. Nine out of ten were losses from people who went long.
I wrote about this topic four days ago. Back then, the total was $1.08 billion, with long positions making up 88%. The amounts looked similar, but when broken down, three things had changed, and all in a worse direction.
First, fewer people lost more money. Four days ago, 209,000 people were liquidated for $1.08 billion. This time, 168,000 people were liquidated for $1.15 billion. The average loss per person rose from 5,000 to 6,800. The ones still in the game using leverage are the ones with heavier positions.
Second, the largest single liquidation went from 10.94 million to 48.2 million, more than four times larger, still an ETH long.
Third, ETH liquidations even surpassed BTC. This time, ETH-related liquidations exceeded $500 million, while BTC was $309 million. Four days ago it was the other way around: BTC liquidations were $282 million, more than ETH's $174 million. This morning I just wrote that ETH has been continuously underperforming BTC, and these numbers provide more evidence.
But what matters most is something else. Over these four days, BTC fell from 76000 to 74800. The price really dropped by more than a thousand points, yet the share of long liquidations not only failed to decline, it actually rose, from 88% to 90%.
With a drop like this, leveraged longs haven’t been cleared out; instead, they’ve become even more concentrated.
The meaning is straightforward. In this kind of structure, if it gets pushed down another leg, liquidations will only happen faster, because there are even more longs piled above than four days ago. If you want to buy the dip, don’t rush in with leverage. Slowly accumulating spot is steadier.
CPI is at 9:30 tonight. BTC is now at 74646, and the 50-week moving average is 75535, still below it.
I just went to the fridge to look for something to eat and found only two eggs left. #加密市场24小时清算达11点6亿美元
I wrote about this topic four days ago. Back then, the total was $1.08 billion, with long positions making up 88%. The amounts looked similar, but when broken down, three things had changed, and all in a worse direction.
First, fewer people lost more money. Four days ago, 209,000 people were liquidated for $1.08 billion. This time, 168,000 people were liquidated for $1.15 billion. The average loss per person rose from 5,000 to 6,800. The ones still in the game using leverage are the ones with heavier positions.
Second, the largest single liquidation went from 10.94 million to 48.2 million, more than four times larger, still an ETH long.
Third, ETH liquidations even surpassed BTC. This time, ETH-related liquidations exceeded $500 million, while BTC was $309 million. Four days ago it was the other way around: BTC liquidations were $282 million, more than ETH's $174 million. This morning I just wrote that ETH has been continuously underperforming BTC, and these numbers provide more evidence.
But what matters most is something else. Over these four days, BTC fell from 76000 to 74800. The price really dropped by more than a thousand points, yet the share of long liquidations not only failed to decline, it actually rose, from 88% to 90%.
With a drop like this, leveraged longs haven’t been cleared out; instead, they’ve become even more concentrated.
The meaning is straightforward. In this kind of structure, if it gets pushed down another leg, liquidations will only happen faster, because there are even more longs piled above than four days ago. If you want to buy the dip, don’t rush in with leverage. Slowly accumulating spot is steadier.
CPI is at 9:30 tonight. BTC is now at 74646, and the 50-week moving average is 75535, still below it.
I just went to the fridge to look for something to eat and found only two eggs left. #加密市场24小时清算达11点6亿美元
