Traders got flushed on Tuesday, then quietly reloaded. The derivatives data tell a different story from the price.
๐ What happened
Per CoinDesk citing CoinGlass data, about $547 million of leveraged positions were liquidated over 24 hours, with ether accounting for $174 million. Yet futures volume rose 16% to about $183 billion and open interest fell only 1% to roughly $153 billion. Bitcoin futures open interest climbed to 660,000 BTC from an 11-month low of 626,000 on September 30, against a record near 800,000.
๐ Why it matters
โข Shorts made up over 52% of taker volume and funding rates for bitcoin and ether turned slightly negative, so the new positioning leans bearish.
โข Whale positioning on Binance was bullish on bitcoin but bearish on ether, $SOL and XRP, per CoinDesk; on OKX it was bearish to neutral.
โข Ether open interest rose to 13.22 million ETH from 12.5 million a day earlier, still below May's peak near 15.95 million, which means leverage is rebuilding, not maxed out.
๐ What to watch
โข A short squeeze is possible if prices stabilise, given negative funding and heavy short taker flow.
โข The risk: SOL is down about 3.5% near $114.6, per CoinGecko, and whales on the largest venue are positioned against it. Rising open interest into a falling price can also mean fuel for the next liquidation wave.
๐ฌ Negative funding and rising open interest: squeeze setup or more downside?
#Derivatives #Solana #Liquidations
๐ What happened
Per CoinDesk citing CoinGlass data, about $547 million of leveraged positions were liquidated over 24 hours, with ether accounting for $174 million. Yet futures volume rose 16% to about $183 billion and open interest fell only 1% to roughly $153 billion. Bitcoin futures open interest climbed to 660,000 BTC from an 11-month low of 626,000 on September 30, against a record near 800,000.
๐ Why it matters
โข Shorts made up over 52% of taker volume and funding rates for bitcoin and ether turned slightly negative, so the new positioning leans bearish.
โข Whale positioning on Binance was bullish on bitcoin but bearish on ether, $SOL and XRP, per CoinDesk; on OKX it was bearish to neutral.
โข Ether open interest rose to 13.22 million ETH from 12.5 million a day earlier, still below May's peak near 15.95 million, which means leverage is rebuilding, not maxed out.
๐ What to watch
โข A short squeeze is possible if prices stabilise, given negative funding and heavy short taker flow.
โข The risk: SOL is down about 3.5% near $114.6, per CoinGecko, and whales on the largest venue are positioned against it. Rising open interest into a falling price can also mean fuel for the next liquidation wave.
๐ฌ Negative funding and rising open interest: squeeze setup or more downside?
#Derivatives #Solana #Liquidations