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Bitcoin’s outlook deteriorated over the weekend, with Monday volatility triggering a $750 million crypto liquidation spike.
A closer look at the data shows that over 77% of the liquidations came from long positions, a trend that has been dominant over the past week due to top crypto’s sustained slide lower.
Bitcoin’s drop from last week’s local top of $95,400 saw it drop to lows of $86,126 over the weekend, before selling pressure pushed it to its current price of around $87,700, down 1% on the day.
Derivatives participation has remained thin, with aggregate open interest—the total number of open positions—bracketed between 245,000 and 267,000 BTC since January 8.
Over the past week, however, the cumulative spot and perpetual...