Bitcoin just printed its lowest level since mid August and the longs paid for it again.
On Binance BTC wicked to 62,006 in the last 24h, now sitting around 64.1K and still down about 6% on the day. ETH got hit harder, tagging 1,711 and trading near 1,778, down about 7.6%.
What happened according to Bloomberg and Coinglass data:
About 1.9B dollars in crypto positions liquidated in the 24h through Sunday morning Asia time
684M of that was BTC and 466M was ETH, mostly longs
BTC is now down roughly 25% since Oct 21
US spot BTC ETFs saw almost 3B dollars in net outflows from Oct 30 to Nov 13
Reasons being thrown around: expectations of higher rates, those ETF outflows, a risk off mood across markets, and the fallout from the recent Binance hack still hanging over sentiment.
Glassnode also flagged a big liquidation cluster between 59.5K and 62.6K, so that zone is the one everyone is watching now. Fear and Greed sits at 10, extreme fear.
Leverage keeps getting flushed every few days. Is this the capitulation people waited for, or does 60K get tested first?
$BTC #Bitcoin #CryptoNews #Liquidations
On Binance BTC wicked to 62,006 in the last 24h, now sitting around 64.1K and still down about 6% on the day. ETH got hit harder, tagging 1,711 and trading near 1,778, down about 7.6%.
What happened according to Bloomberg and Coinglass data:
About 1.9B dollars in crypto positions liquidated in the 24h through Sunday morning Asia time
684M of that was BTC and 466M was ETH, mostly longs
BTC is now down roughly 25% since Oct 21
US spot BTC ETFs saw almost 3B dollars in net outflows from Oct 30 to Nov 13
Reasons being thrown around: expectations of higher rates, those ETF outflows, a risk off mood across markets, and the fallout from the recent Binance hack still hanging over sentiment.
Glassnode also flagged a big liquidation cluster between 59.5K and 62.6K, so that zone is the one everyone is watching now. Fear and Greed sits at 10, extreme fear.
Leverage keeps getting flushed every few days. Is this the capitulation people waited for, or does 60K get tested first?
$BTC #Bitcoin #CryptoNews #Liquidations
