Insights

Yesterday saw the biggest cascade of long liquidations of 2023

exchange68September 13, 2024

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Quick Take

Yesterday saw the largest cascade of long positions liquidated since April 19, the previous largest long liquidation of 2023, as reported by CryptoSlate.
According to Coinglass, over $290 million of longs positions were liquidated, which surpasses the April cascade of $260 million.
In addition, the perpetual funding rate has turned negative for the first time in a month, which flushed out the longs.
A sustained negative funding rate is likely necessary to establish a local bottom in the Bitcoin price.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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