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3 Bitcoin price metrics show bulls were not fazed by today’s $1.6B liquidation

Published 02/22/2021, 01:40 PM
Updated 02/22/2021, 03:20 PM
3 Bitcoin price metrics show bulls were not fazed by today’s $1.6B liquidation

3 Bitcoin price metrics show bulls were not fazed by today’s $1.6B liquidation

Bitcoin's (BTC) sudden $11,500 drop liquidated more than $1.64 billion worth of BTC futures contracts. This massive figure represents 8.5% of the total $19.5 billion in open interest, which coincidentally had just reached its all-time high.

Although these are significant figures, they are proportionally lower than the $1-billion futures liquidation on Nov. 26, 2020. At that time, the 16% correction that followed Bitcoin price testing a $16,300 low reduced the open interest by 17%.

Bitcoin futures aggregate open interest. Source: Bybt.com
Bitcoin March 26 futures annualized premium. Source: NYDIG
Bitcoin 3-month options 25% delta skew. Source: Laevitas

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