Crypto Blog
Bitcoin’s second quarter started on a turbulent note, with the options market once again serving as a harbinger of sharp movements, notably in the downside skew of risk reversals. Bitcoin briefly plummeted to $65,500 from the lofty height of $70k.by QCP Capital, “the speed of the move” was driven by significant liquidations, particularly on platforms such as Binance, known for their high retail presence. This essentially caused perpetual funding rates to fall from a whopping 77% to equilibrium.
Increased volatility within 24 hours led to a surge in liquidation events on centralized exchanges, which coincided with Bitcoin’s retreat below the $66,000 mark. Data compiled by CoinGlassliquidations of approximately $500 million occurred across multiple centralized crypto exchanges. Among these, nearly $390 million predominantly comprised long positions, while shorts accounted for the remaining.
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