{"id":414895,"date":"2020-02-17T15:46:58","date_gmt":"2020-02-17T15:46:58","guid":{"rendered":"https:\/\/uniquehot.com\/?p=414895"},"modified":"2024-06-11T13:42:04","modified_gmt":"2024-06-11T13:42:04","slug":"a-2m-bitcoin-long-just-got-liquidated-on-binance-start-of-a-steep-correction","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/a-2m-bitcoin-long-just-got-liquidated-on-binance-start-of-a-steep-correction\/","title":{"rendered":"A $2M Bitcoin Long Just Got Liquidated on Binance; Start of a Steep Correction?"},"content":{"rendered":"<p><a href=\"https:\/\/uniquehot.com\/2019\/08\/21\/bitcoin-bias-flipping-to-extremely-bearish-analyst\/\">Bitcoin took a substantial hit in trading<\/a> on Monday, moving from $10,000 to $9,452, in just fourteen hours. The drop, which largely came on profit-taking sentiment, also saw Binance Futures registering one of its biggest long liquidations: worth $2 million.<\/p>\n<p>The overleveraged exit order did not switch Bitcoin&#8217;s long-term bias \u2013 which remains bullish, but it still ended up leaving the market sentiment in distaste. The position showed how bulls feel threatened by the cryptocurrency&#8217;s sharp retracement from $10,500-resistance. The downside moves prompted them to close their highly-leveraged Long positions.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">One of the biggest liquidations so far from Binance futures. <a href=\"https:\/\/t.co\/b0kp6VdPiT\" rel=\"nofollow\">https:\/\/t.co\/b0kp6VdPiT<\/a><\/p>\n<p>&mdash; CL (@CL207) <a href=\"https:\/\/twitter.com\/CL207\/status\/05253376?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 17, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Even minor downside swings in bitcoin&#8217;s spot market could push leveraged positions into deep losses. That makes traders close their trades and sell the underlying asset. Such sales add more pressure on bitcoin, leading up to a selling frenzy. Traders call this phenomenon a &#8216;<a href=\"https:\/\/en.wikipedia.org\/wiki\/Long_squeeze\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Long Squeeze<\/a>.&#8217;<\/p>\n<p>In this case, the market saw Binance liquidating a comparatively smaller Long order of just $2 million, which might not crash the market. For instance, the derivatives platform last month <a href=\"https:\/\/uniquehot.com\/2020\/01\/19\/bitcoin-dropped-6-in-just-5-minutes-liquidating-108m-what-happens-next\/\">liquidated $108 million worth of bitcoin long positions<\/a> within a few minutes, leading to a $900 price crash in the spot market.<\/p>\n<p>Though smaller, the $2 million order left the bitcoin market under the risks of facing similar downside pressures. Overleveraged traders could take cues from the whale and mirror his\/her strategy \u2013 at a time when bitcoin&#8217;s uptrend is showing signs of bullish exhaustion above $10,000.<\/p>\n<h2>Bitcoin Funding Rate<\/h2>\n<p>Possibilities of a Long squeeze are growing also because of funding rates.<\/p>\n<p>In retrospect, derivative platforms like BitMEX and Binance Futures allow traders to earn profits via holding open and leveraged Long\/Short position. A positive funding rate indicates that Short pays Longs. Similarly, a negative funding rate means that Longs pay Shorts.<\/p>\n<p>The last recorded funding rate of <a href=\"https:\/\/uniquehot.com\/2020\/02\/10\/crypto-fireworks-bitmex-open-interest-bitcoin\/\">XBT\/USD perpetual contracts on BitMEX<\/a> was 0.0261 percent. So even against a dwindling spot price, traders with opened long positions have to pay Short 0.0261 times their Long order every eight hours. That has further increased the potential of a Long Squeeze given the bitcoin price keeps falling.<\/p>\n<figure id=\"attachment_414917\" aria-describedby=\"caption-attachment-414917\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/02\/Screenshot-2020-02-17-at-21.04.56.png\" target=\"_blank\" rel=\"noopener noreferrer \"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-414917 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/02\/Screenshot-2020-02-17-at-21.04.56.png?resize=860%2C88\" alt=\"bitcoin, cryptocurrency\" width=\"860\" height=\"88\"><\/a><figcaption id=\"caption-attachment-414917\" class=\"wp-caption-text\">Source: BitMEX<\/figcaption><\/figure>\n<p>On Binance, the funding rate is higher at 0.0942. That said, a $100,000 long order, for instance, would have to pay Short $94.2 every eight hours.<\/p>\n<p>Things are worse in Ethereum. The predicted funding rate for the cryptocurrency&#8217;s swaps contracts is almost 2 percent now \u2013 one of its highest. That said, a Long $100,000 order would need to pay Short $200 every 8 hours.<\/p>\n<p><strong>Bitcoin spot rate is now targeting $9,300 as its support.\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin took a substantial hit in trading on Monday, moving from $10,000 to $9,452, in just fourteen hours. The drop, which largely came on profit-taking sentiment, also saw Binance Futures registering one of its biggest long liquidations: worth $2 million. The overleveraged exit order did not switch Bitcoin&#8217;s long-term bias \u2013 which remains bullish, but it still ended up leaving the market sentiment in distaste. The position showed how bulls feel threatened by the cryptocurrency&#8217;s sharp retracement from $10,500-resistance. The downside moves prompted them to close their highly-leveraged Long positions. One of the biggest liquidations so far from Binance futures. https:\/\/t.co\/b0kp6VdPiT &mdash; CL (@CL207) February 17, 2020 Even minor downside swings in bitcoin&#8217;s spot market could push leveraged positions into deep losses. That makes traders close their trades and sell the underlying asset. Such sales add more pressure on bitcoin, leading up to a selling frenzy. Traders call this phenomenon a &#8216;Long Squeeze.&#8217; In this case, the market saw Binance liquidating a comparatively smaller Long order of just $2 million, which might not crash the market. For instance, the derivatives platform last month liquidated $108 million worth of bitcoin long positions within a few minutes, leading to a $900 price crash in the spot market. Though smaller, the $2 million order left the bitcoin market under the risks of facing similar downside pressures. Overleveraged traders could take cues from the whale and mirror his\/her strategy \u2013 at a time when bitcoin&#8217;s uptrend is showing signs of bullish exhaustion above $10,000. Bitcoin Funding Rate Possibilities of a Long squeeze are growing also because of funding rates. In retrospect, derivative platforms like BitMEX and Binance Futures allow traders to earn profits via holding open and leveraged Long\/Short position. A positive funding rate indicates that Short pays Longs. Similarly, a negative funding rate means that Longs pay Shorts. The last recorded funding rate of XBT\/USD perpetual contracts on BitMEX was 0.0261 percent. So even against a dwindling spot price, traders with opened long positions have to pay Short 0.0261 times their Long order every eight hours. That has further increased the potential of a Long Squeeze given the bitcoin price keeps falling. On Binance, the funding rate is higher at 0.0942. That said, a $100,000 long order, for instance, would have to pay Short $94.2 every eight hours. Things are worse in Ethereum. The predicted funding rate for the cryptocurrency&#8217;s swaps contracts is almost 2 percent now \u2013 one of its highest. That said, a Long $100,000 order would need to pay Short $200 every 8 hours. Bitcoin spot rate is now targeting $9,300 as its support.\u00a0<\/p>\n","protected":false},"author":50,"featured_media":414922,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1558],"class_list":["post-414895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>A $2M Bitcoin Long Just Got Liquidated on Binance; Start of a Steep Correction?<\/title>\n<meta name=\"description\" content=\"Bitcoin took a substantial hit in trading on Monday, moving from $10,000 to $9,452, in just fourteen hours. 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