Yesterday saw the biggest cascade of long liquidations of 2023

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

This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.

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)