In brief
- A short-selling cascade drove Bitcoin down 3.5% to $107,500, on Thursday, adding over $1 billion in bearish bets.
- The sell-off triggered $724 million in liquidations, with longs accounting for 74% of the total wipeout.
- A market schism emerged as spot buyers on Coinbase accumulated while shorts attacked on derivatives.
Bitcoin experienced a sharp pullback on Thursday, driven primarily by short selling, which exacerbated losses.
In the 90 minutes leading to the drop, Bitcoin slipped 1.5% from $115,000 as open interest—representing the total number of unsettled derivative contracts—climbed by 2.3%, adding over $591 million in notional value, according to Velo data.
The cumulative volume delta of perpetual futures on offshore exchanges, such as Binance and Bybit, decreased, while the spot CVD remained steady, suggesting that short perpetual sellers drove Bitcoin’s decline.
Over the next two hours, short selling intensified, prompting a 3.5% drop to $107,500 as spot sellers joined the fray. Open interest climbed 4% to a
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Author: Akash Girimath
