Risk Elevates For Bitcoin

Over the last week, we've raised attention on the increasing leverage being introduced in the derivative markets elevating the downside risks of the overall crypto market.

We were seeing this with record-high open interest across the board and excessive funding in the face of declining prices.

This morning, we've seen this downside risk play out in some respects, with $200M worth in Bitcoin positions getting liquidated over the last 24 hours, quickly sending prices below 60,000.