$425 Million Worth of Bitcoin Futures Liquidated on Binance as BTC Tanked

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Thu, 11/26/2020 - 11:27
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Yuri Molchan
Glassnode has reported that almost half a million USD worth of long Bitcoin futures were liquidated on Binance just as the major cryptocurrency showed a sharp decline
$425 Million Worth of Bitcoin Futures Liquidated on Binance as BTC Tanked
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The analyst team at the Glassnode data aggregator has tweeted that traders on Binance made two major liquidations worth almost half-a-million USD just as Bitcoin was tanking below $18,000.

$425 million in Bitcoin futures liquidated

Overnight, Bitcoin has demonstrated a sudden major correction as it plunged over ten percent and lost more than 2,000 USD.

The flagship cryptocurrency tanked from the $19,300 zone below $17,000, trading in the $16,900 area at press time.

Glassnode node analytics firm has reported that two major long BTC futures liquidations took place at that time with a difference in several hours.

Hourly liquidations of long positions on Bitcoin futures were recorded: worth $262 million at 3:00 a.m. UTC and $163 million at 8:00 a.m. UTC.

BTC
Image via Twitter

Related
CME Bitcoin Futures Open Interest Surges Above $1 Bln: Skew Data

Bitcoin futures OI hits new ATH on Binance

On Nov. 24, Binance shared data with its community about another milestone reached by the exchange.

The open interest on Bitcoin futures surged to a new all-time high of $1.17 billion. Back then, Bitcoin had reversed, going slightly below the $19,000 level.

Still a rise in BTC futures OI signifies that financial institutions are keeping their positive expectations about Bitcoin. The same can be said about the recent ATH on Bitcoin futures OI on CME, which exceeded the $1 billion level.

Bitcoin tanks from its highest point since 2017

Earlier today, the world's most popular cryptocurrency, now acknowledged as a store of value and an inflation hedge by many top-of-the-line financial institutions made a sudden reverse and shed around 10 percent of its market value.

Bitcoin plunged from $19,389, rolling down first to $17,608 and then declining below the $17,000 support.

At press time, Bitcoin is changing hands at $16,781, as per CoinMarketCap.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.

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