Bitcoin, the flagship digital asset, took a big hit during the recent massive liquidation that tumbled the broader cryptocurrency market over the weekend. While the price of BTC dropped sharply, losing key support levels, its futures open interest also witnessed a notable bearish activity.

Unprecedented Shakeup In Bitcoin Derivatives Market

The crypto market is gradually recovering from the recent wave of liquidation, considered the largest one yet. During the massive liquidation, Bitcoin’s derivatives market has experienced one of its most dramatic shakeups in history.

In the X post, Glassnode, a financial and on-chain data analytics platform, revealed that its futures open interest saw the largest single-day wipeout on record. Within hours, billions of dollars in leveraged positions were liquidated, causing exchanges to tremble and traders to frantically reassess their positions.

Data from the on-chain platform shows that more than $11 billion in positions were cleared during the largest liquidation event in crypto history. The historic flush in futures open interest could be a turning point for institutional and retail players negotiating this ne

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Author: Godspower Owie