Bitcoin leverage wiped clean: analyzing the 5th biggest week in liquidations YTD

Unprecedented market shift: Bitcoin futures open interest (OI) plunges to a one-year low — signaling a healthy reset.

James Van Straten
By James Van Straten
Former Lead Analyst CryptoSlate
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.
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Quick Take

  • Bitcoin (BTC) Futures Open Interest (FOI) is the total amount of funds (USD Value) allocated in open futures contracts.
  • Currently, 334,000 Bitcoin is allocated in FOI contracts, the lowest for one year — which is healthy.
  • While the Estimated Leverage Ratio broke below 0.2 for only the fourth time in 2 years, leverage has been wiped.
  • Crypto Margin makes up for only 70k Bitcoin (21%), the lowest recorded on Glassnode — which saw 30,000 Bitcoin liquated just this week.
  • As a result, this week was the fifth biggest week in total liquidations to the long and short side.
Open Interest: (Source: Glassnode)
Open Interest: (Source: Glassnode)
Leverage: (Source: Glassnode)
Leverage: (Source: Glassnode)
Crypto Open Interest: (Source: Glassnode)
Crypto Open Interest: (Source: Glassnode)
Liquidations: (Source: Glassnode)
Liquidations: (Source: Glassnode)
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James Van Straten
James Van Straten
Former Lead Analyst 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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