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Yesterday saw the biggest cascade of long liquidations of 2023 Yesterday saw the biggest cascade of long liquidations of 2023 James Van Straten · 1 year ago
Insights Bitcoin

Yesterday saw the biggest cascade of long liquidations of 2023

Data via Glassnode

Over $290M worth of long liquidations occurred yesterday, surpassing the year's previous highs in April.

James Van Straten / @jvs_btc / Jun. 6, 2023 at 12:28 pm UTC

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.
Funding Rate: (Source: Glassnode)
Funding Rate: (Source: Glassnode)
Liquidations: (Source: Coinglass)
Liquidations: (Source: Coinglass)
Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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