That was quite the day yesterday...
We experienced $3.5B worth of long liquidations in the last 24 hours, with over $1.8B taking place in under an hour at the height of the crash.
Source: ByBt
Bitcoin's total open interest across all exchanges has fallen by a mighty 23%, and Ethereum's OI fell by 25%:
Source: Glassnode
Combined with this, we've seen a 21% reduction in the amount of futures contracts margined with US Dollars, along with a 7% drop in crypto-margined contracts.
That's a sizeable amount of leverage that's been flushed from the system in what can be seen as a healthy reset.
Bitcoin's aggregate average funding rate of perpetual futures positions has fallen into negative territory for the first time since July.
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