Crypto Liquidations Soar Almost Threefold Amid Surge in Futures Trading, According to Glassnode
Futures Liquidations Surge: Daily futures liquidations in the crypto market have nearly tripled compared to the previous cycle, with average daily wipeouts rising significantly due to increased open interest and leverage, peaking during a major market drop on October 10.
Record Open Interest and Trading Volumes: Open interest in futures reached a record $67.9 billion, with daily trading volumes surging to $68.9 billion, while Bitcoin's spot trading volume also doubled, indicating a robust trading environment.
Shift in Bitcoin's Market Dynamics: The launch of U.S. spot exchange-traded funds in early 2024 has shifted Bitcoin price discovery towards the cash market, increasing its market share from 38.7% to 58.3% and attracting significant capital inflows.
Institutional Adoption and Network Growth: Bitcoin's role as a settlement network has grown, processing $6.9 trillion in transfers over 90 days, while institutional holdings have increased, with approximately 6.7 million Bitcoin now held across various institutional platforms.
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Technical Analysis for
Technical Sentiment Analysis for (). As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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