Biggest long liquidation event for crypto in 2023 took place on April 19

Quick Take

• Roughly $260 million of longs were liquidated on April 19; this is the biggest liquidation for longs in 2023.
• Roughly $250 million of shorts were liquidated on April 14, previously the most liquidations seen this year.
• These liquidation cascades show that derivatives have grown slightly as the year progresses, and confidence within crypto continues.
• You can also see how the market was hedged long in terms of dominance, showing the market was overconfident.

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