BTC dropped under $81K and ETH fell 6% to $2,350 after South Korea's Kospi crashed 8% overnight, dragging crypto into a roughly $1B liquidation day.
Here's the part that matters more than the headline number: BTC perp funding stayed positive the entire way down, and open interest actually rose 1.6% through the slide. That's not what a delever looks like. If leverage were actually getting flushed, funding would've gone negative and OI would've dropped as positions closed. Instead, longs got liquidated and new ones opened right behind them — the same leverage just changed hands.
That's the real takeaway from a day like this: a cross-asset macro shock out of Seoul can liquidate a billion dollars in crypto without clearing a single dollar of risk from the system. The fuel for the next move is still sitting there.
Worth asking — if funding and OI don't confirm the flush, how much weight do you actually put on a liquidation total?
#TokenBot #Bitcoin #Crypto $BTC $ETH $TBOT
tokenbot.com
Here's the part that matters more than the headline number: BTC perp funding stayed positive the entire way down, and open interest actually rose 1.6% through the slide. That's not what a delever looks like. If leverage were actually getting flushed, funding would've gone negative and OI would've dropped as positions closed. Instead, longs got liquidated and new ones opened right behind them — the same leverage just changed hands.
That's the real takeaway from a day like this: a cross-asset macro shock out of Seoul can liquidate a billion dollars in crypto without clearing a single dollar of risk from the system. The fuel for the next move is still sitting there.
Worth asking — if funding and OI don't confirm the flush, how much weight do you actually put on a liquidation total?
#TokenBot #Bitcoin #Crypto $BTC $ETH $TBOT
tokenbot.com