Daily Perpetual Futures Order Book｜11/13 Bulls Retreat, Liquidity Contracts
At 23:00, $BTC was marked at $68,929.6, down 3.73%. It has fallen below $70,000 and is approaching the 200-week moving average around $68,000.
Liquidations across the market exceeded $1.6 billion, and the Fear & Greed Index fell to 20. Price pressure has shifted from sentiment to leveraged position unwinding.
$BTC open interest fell to $6.872 billion, a change of -4.9%, indicating that positions are being pulled back as prices fall.
Yet longs still account for 76%, the funding rate remains positive at 0.0021%, and the taker buy/sell ratio is only 0.99.
Fewer positions do not mean risk has been cleared: the remaining positions still lean long, while aggressive selling has a slight edge.
For now, capital is leaning more toward a “deleveraging and strong dollar” trade than positioning for a high-beta recovery.
The dollar is at a 19-month high, and $BTC has touched a 12-week low. Meanwhile, stablecoin supply has fallen by $14.2 billion over the past 30 days, its largest contraction since June 2022.
This means there is less deployable capital in the market, and any rebound will face two headwinds: crowded long positions and ebbing liquidity.
Watch the area around $68,000: if open interest keeps falling and the taker buy/sell ratio stays below 1, deleveraging is not yet over. Only sustained strength in aggressive buying, alongside a marked decline in the long share, would indicate that the order book has finished clearing out.
Smaller tokens also carry a risk of squeezes in the opposite direction.
BARD’s funding rate is as low as -1.869%, making short positions extremely costly; BWET’s is as high as +0.246%, making long positions costly.
Neither extreme confirms a direction; they simply show that sensitivity to liquidations is fully stretched.
This content was generated with assistance from Claude Fable 5 and is for informational purposes only. Please verify it independently.
At 23:00, $BTC was marked at $68,929.6, down 3.73%. It has fallen below $70,000 and is approaching the 200-week moving average around $68,000.
Liquidations across the market exceeded $1.6 billion, and the Fear & Greed Index fell to 20. Price pressure has shifted from sentiment to leveraged position unwinding.
$BTC open interest fell to $6.872 billion, a change of -4.9%, indicating that positions are being pulled back as prices fall.
Yet longs still account for 76%, the funding rate remains positive at 0.0021%, and the taker buy/sell ratio is only 0.99.
Fewer positions do not mean risk has been cleared: the remaining positions still lean long, while aggressive selling has a slight edge.
For now, capital is leaning more toward a “deleveraging and strong dollar” trade than positioning for a high-beta recovery.
The dollar is at a 19-month high, and $BTC has touched a 12-week low. Meanwhile, stablecoin supply has fallen by $14.2 billion over the past 30 days, its largest contraction since June 2022.
This means there is less deployable capital in the market, and any rebound will face two headwinds: crowded long positions and ebbing liquidity.
Watch the area around $68,000: if open interest keeps falling and the taker buy/sell ratio stays below 1, deleveraging is not yet over. Only sustained strength in aggressive buying, alongside a marked decline in the long share, would indicate that the order book has finished clearing out.
Smaller tokens also carry a risk of squeezes in the opposite direction.
BARD’s funding rate is as low as -1.869%, making short positions extremely costly; BWET’s is as high as +0.246%, making long positions costly.
Neither extreme confirms a direction; they simply show that sensitivity to liquidations is fully stretched.
This content was generated with assistance from Claude Fable 5 and is for informational purposes only. Please verify it independently.
