Summary
- On-chain analyst Willy Woo stated that now is a bad time to invest in Bitcoin (BTC) futures.
- He noted that the bet sizes are extremely high, leading to moves aimed at large-scale liquidations.
- He also stated that BTC could resume its upward momentum to new all-time highs only after excessive positions have been liquidated.
On-chain analyst Willy Woo stated on the 2nd (local time) via X (formerly Twitter), "Now is a bad time to invest in Bitcoin (BTC) futures," adding that "due to very high bet amounts, there are movements targeting large-scale liquidations."
He went on to explain, "BTC can only form an upward trend toward new all-time highs after these excessive positions have been liquidated."
Meanwhile, as of 01:46 on the 3rd, BTC was trading at $104,137.70 on the Binance Tether (USDT) market, down 0.98% from the day before.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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