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.
The post Yesterday saw the biggest cascade of long liquidations of 2023 appeared first on CryptoSlate.
Read the full article here
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.
Login if you have purchased