3 Bitcoin price metrics show bulls were not fazed by today’s $1.6B liquidation
Cointelegraph
Published Feb 22, 2021 01:40PM ET
Updated Feb 22, 2021 03:20PM ET
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%.
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Written By: Cointelegraph
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