-->

A total of $ 769M long Bitcoin orders were liquidated on BitMEX in February

    When February 2020 ends, it can be seen that Bitcoin performance in the market is a chaotic series. At the time of writing, BTC reports YTD profits of 22.99%. BTC started its journey in 2020 at $ 7,237 and tried to overcome resistance levels and hit $ 10k, an important psychological level. However, it has faced huge selling pressure and returned below $ 9k, with the current value of $ 8,574.

    $ 769M Bitcoin was liquidated 2

    BTC / USD. Source: TradingView

    This terrible collapse in Bitcoin price triggered massive liquidation. The nearly $ 769 million longs were liquidated in February 2020 on BitMEX.

    $ 769M Bitcoin was liquidated 3

    Source: Skew

    Despite the sell-off, the Bitcoin market is still intriguing to investors. OI (open interest rate) has increased since the beginning of January 2020 and it peaked this year on February 18 with the aggregate interest rate marked on exchanges at $ 5.13 billion. However, the collapse took place on February 19, along with contract expiration, leading to OI reduction.

    $ 769M Bitcoin was liquidated 4

    Source: Skew

    CME Bitcoin Futures is a better indicator of Bitcoin's 9% drop. Bitcoin Futures volume peaked above the CME at $ 1.1 billion on February 18, however, the incident caused the CME volume to plummet on February 19 and was reported to be $ 449 million. Despite the low volume, OI remained high until February 21, after that, even OI dropped. The CME market closed on Friday at $ 204 million, while OI reached $ 210 million.

    $ 769M Bitcoin was liquidated 4

    Source: Skew

    Bakkt BTC Futures reported a similar story, with low volumes throughout the month. Bakkt OI peaked on February 14 and was reported to be $ 19 million, a much lower figure than CME. However, it plunged on February 19. OI Bakkt stood at $ 9 million while the volume remained low at $ 19.3 million on February 28.

    Source: Skew

    On the other hand, the Ethereum Futures market reported growth, despite the presence of a bear, as its volume increased to near the ATH level on February 26. OI also reflected a decrease at the time of writing. , but that could also be due to contract expiration.

    Annie

    Bitcoin Magazine | Ambcrypto

    Follow the Twitter page | Subscribe to Telegram channel | Follow the Facebook page

    Crypto loans are only from 5.9% annual interest rate – you can use the money effectively without selling coins. Earn up to 8% interest per year with stablecoin, USD, EUR & GBP with insurance up to 100 million. Come on, get started now! →

    No comments