"The drop reflects a broader unwinding in risk assets as markets reassess the fragility of the macro backdrop. Bitcoin's sharp decline accelerÂated as relief from the U.S. government reopening faded and the odds of a December rate cut fell sharply. The token is effectively mirroring the drawdown in stock market and other growth-sensitive assets, with deleveraging pushing long liquidations higher and reducing buyers' willingness to defend key levels."
"Flows confirm the fragility of positioning. According to SoSo Value, spot bitcoin ETFs saw $277.98 million in outflows yesterday, the largest for November. CoinGlass data shows over $586 million in long futures positions were liquidated yesterday and another $330 million today. Total crypto futures open interest has dropped toward $140 billion, near July lows, underscoring how traders are stepping back from directional exposure."
Bitcoin dropped to its lowest level since May, briefly testing around $97,000 and closing below $100,000 for the first time in months. The decline reflected a broad unwinding in risk assets as markets reassessed macro fragility. Fading relief from the U.S. government reopening and sharply reduced odds of a December rate cut accelerated the selloff. Deleveraging pushed long liquidations higher and weakened buyers' willingness to defend key levels, increasing vulnerability to sharper downside and enabling shorts to gain control. Large spot ETF outflows and over $900 million in recent futures liquidations accompanied a fall in futures open interest toward $140 billion.
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]