BTC Did get a big move bit still has not seen a big flush in open interest. We did see the biggest long liquidation since June when it first broke below $60K. Funding has also…

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$BTC Did get a big move bit still has not seen a big flush in open interest. We did see the biggest long liquidation since June when it first broke below $60K. Funding has also come down considerabl…

$BTC Did get a big move bit still has not seen a big flush in open interest. We did see the biggest long liquidation since June when it first broke below $60K. Funding has also come down considerably due to this, even trading slightly negative as we speak. With OI still elevated, I do think volatility will remain high, we've been seeing a slow and orderly grind lower for most of this correction and only really seen acceleration the past two days. A lot of longs were flushed out here ($1.6B+ liquidations the past day alone). So it is safe to assume a lot of that open interest are directional shorts. But many of these positions are just holding from much higher levels and won't be pressured into closing until price at least sees a reasonable bounce. Of course there's also plenty of longs although the "dip buying" on leverage seems to be somewhat minimal so far the past few hours so that's not bad. So I do believe there's plenty of fuel but spot first needs to step in and get a reversal going otherwise it's meaningless.

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