Bitcoin Sees Historic Levels Of Liquidation Across Multiple Exchanges
After a historic weekend of liquidations, where do the bitcoin price and investor interest currently stand?
Late Saturday night and early Sunday morning, a selloff in the spot bitcoin market triggered a cascading number of liquidations across the derivatives market in a truly historic moment. Reputable blockchain analyst Willy Woo pointed to the 9,000 BTC inflow to cryptocurrency exchange Binance as the catalyst.
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Open interest in bitcoin futures has continued to climb throughout 2021, and was at an all-time high of approximately $24 billion prior to the selloff, with open interest now sitting at $17.7 billion.
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The aggregate amount of leveraged long liquidations eclipsed even the notorious March 2020 crash, with $3.4 billion in long liquidations this past weekend, compared to a total of about $1.9 billion last March.
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During the liquidation event, contracts across derivatives exchanges plummeted well below spot price, with XBT/USD BitMEX contracts hitting as far as -3.02% below BTC/USD on Coinbase, presenting a great entry point for opportunistic traders.
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Since the weekend selloff, the price of bitcoin has since slightly recovered, retracing back to $55,400 at the time of writing from the weekend low of $51,300.