Crypto Futures Liquidations Don Surge Reach $424M, BTC & ETH Don Hit
Coinglass data show crypto futures liquidation jump to $424 million for the last 24 hours, near double from the previous $212 million. Long positions take $230 million of the contract liquidation, while shorts carry $194 million. Bitcoin (BTC) liquidations reach $59.8 million, Ethereum (ETH) makes $130 million, and Dogecoin (DOGE) at $19.9 million. Dis spike for crypto futures liquidation show say market volatility don high and high leverage dey risky. Traders suppose dey watch funding rates well well and make sure dem get enough margin to handle quick price change.
Bearish
De increase for contract liquidations, especially for long positions, dey show say dem dey force unwind wey usually happen anytime price sharply drop. The big closures for BTC and ETH show sey plenty sellers dey press market. For short term, the liquidation cascade fit make price continue to fall and make market dey volatile. But for long term, market fit stabilise as dem clear too much leverage, but near term sentiment still dey bearish cos of the strong force liquidation wey happen.