Insights

Yesterday saw the biggest cascade of long liquidations of 2023

exchange681 week ago

0 0 1 minute read

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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