Bitcoin Surges on Short Liquidations... "42% of Open Interest Are Short Positions"
Summary
- It has been analyzed that Bitcoin has once again reached an all-time high due to the impact of short liquidations.
- In the past 24 hours, the amount of Bitcoin short liquidations on centralized exchanges was tallied at $318 million, identified as a major catalyst for the recent sharp rise.
- Morgan Stanley stated that 42% of Bitcoin futures open interest consists of short positions and diagnosed that an additional liquidation of up to $500 million could occur if the price goes above $117,000.
Analysis suggests that Bitcoin is once again reaching new all-time highs, accompanied by short liquidations.
According to the cryptocurrency analytics platform Coinglass, on the 11th (local time), the scale of Bitcoin short liquidations on centralized exchanges worldwide over the past 24 hours was reported at $318 million (about ₩4,370 billion). This figure is a 62% increase from the previous day and is seen as one of the key catalysts for the recent sharp rise.
Some analysts believe that if Bitcoin maintains its upward momentum, short liquidations could continue in a chain reaction. Morgan Stanley's cryptocurrency strategy team explained, "Currently, about 42% of Bitcoin futures open interest consists of short positions, with most concentrated below $115,000." They further assessed, "If prices settle above $117,000, up to an additional $500 million of liquidations may occur."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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