EddieJayonCrypto

 19 Dec 23

tl;dr

Bitcoin market volatility has led to a more than 5% plunge in the asset this week, largely driven by derivatives traders and over-leveraged positions. Open interest in Bitcoin was around $12 billion and Binance represents the largest individual chunk of that open interest with high funding rates. By...

Bitcoin market volatility has led to a more than 5% plunge in the asset this week, largely driven by derivatives traders and over-leveraged positions. Open interest in Bitcoin was around $12 billion and Binance represents the largest individual chunk of that open interest with high funding rates. ByBit users were liquidated but started re-opening positions to push open interest back up. Leverage flushes can be identified when Bitcoin or Ethereum price action is in the same category as altcoins.

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