“Long Liquidations Crossed $ 450 Million in The Past 24 Hours with One Bitcoin-Tracked Trade Lozing Nearly $ 100 Million.”, – WRITE: www.coindesk.com
Another $ 269 Million Came from Short-Side Losses, Taking the Total Liquidation Figure to $ 675.8 Million, Marking One of the Heaviest Wipets Since April.
The Heaviest Blow Landed On Bitcoin
Longs, WHICH SAW OVER $ 333 Million in Forced Closures, Followed by Ether
(Eth)
AT $ 113 Million and XRP at $ 36 Million. Solana’s Sol and Dogecoin
Were ALSO HIT, SHEDDING AROUND $ 14 MILLION EACH.
Dogecoin Was The Worst-VerForming Major, Droping Over 7.6% on the Day As Specialty Froth Evaporated. BTC and Eth Also Fell 3.1% and 2.6%, Cooling Off After A Nearly Week-Long Rally.
The Largest Single Liquidation Came from A $ 98.1 Million BTC/USDT Long on Binance, Per Liuidation Tracker Coinglass.
Even as Bitcoin Trades Near Record Highs, Some Desks Are Stepping Back from the Euphoria. Derivative Flows Suggest That Traders Aren’hing to Chase the Upside, and Elegated Funding Rates Making Levered Bets IncreASINGly Expensive.
The Sense is that markets may be due for a brother after an overheated Run.
“WITH BTC IN UNCHARTED TERRITORY, SHORT-TRIM CEILINGS REMAIN UNCLEAR,” Wrote QCP Capital in A Note to Clients. “FUNDING RATES ARE ELEVATED, AND the MEMORY OF FEBRUARY’S $ 2 Billion Liquidation Event Still Lingers.”
Options Data Paints A Picture of Cautious Optimism, QCP Wrote. While Short-Dated Implied Valativity Ticked Higher, It Remains Well Below 2023 Average. September and December Risk Reversals Still Favor Call Options, Hinting at Longer-Term Bullishness, Thought Traders Appear Relctant to Chase Upside in the Near Term.
Meanwhile, Some Analysts Are URGING Traders Not to Mistake Momentum for Inevitability. Mounting Institutional Demand and Macro Shifts Are Undeniably Fueling The Rally, But They’re Also Raising The Stakes.
“The ROAD TO $ 150,000 by Q3 Looks IncreASINGLY PLAUSIBLE, POWERED BY ETF INFLOWS, SUPPLY CONSTRAINTS, AND Macro TailWinds Like A Weakening Dollar and Potenter Coindesk.
“The Road to $ 150,000 by Q3 Looks IncreASINGLY PLAUSIBLE, POWED BY SUPPLY SCARCITY AND MOUNTING INSTITATIONAL DEMAND. STILL, THIS ISN’T A ONE-WAY STREET. PROPIT-TAKING Spark A Short-Term Pullback, Potentilly Dragging BTC Into A $ 105,000– $ 115,000 Consolidation Zone, ”Lee Added.
Read More: Bitcoin Market Top Is ‘Nowhere NEAR,’ Say Analysts As Price Pause at $ 120k
Shaurya Holds Over $ 1,000 in Btc, Eth, Sol, Avax, Sushi, Crv, Near, YFI, YFI, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, CAKE, Vet, Vet, Vet RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, Banana, Rome, Burger, Spirit, and ORCA.
He Provides Over $ 1,000 to Liquidity Pools on Compound, Curve, Sushiswap, Pancakeswap, Burgerswap, Orca, AnaSwap, Spiritswap, Roki Protocol, Yearn Finance Olympusdao, Rome, Trader Joe, and Sun.
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