Yesterday saw the biggest cascade of long liquidations of 2023 
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.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
Latest Insights
In this insight
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Featured Data Partner
