Bitcoin Sees Historic Liquidations – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

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.

Net transfer volume to Binance exchange

Net transfer volume to Binance exchange

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.

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.

Source link Bitcoin Magazine

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