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Matrixport: The leverage positions of Bitcoin and Ether are being rapidly liquidated.
On November 17, Matrixport published market insights stating that the current market is clearly in a deleveraging phase, and the risks of maintaining high positions are increasing. The open interest in Ethereum has fallen by 50%, indicating that leveraged funds are rapidly contracting. Against this backdrop, overall risk appetite is under pressure. Bitcoin is approaching the key support level of $93,000, and liquidity in this range may weaken further in a short time. The previously overcrowded long positions in futures for the fourth quarter have been largely cleared, and the pressure on the leveraged side has been released in stages. What needs to be followed next is that ETF holdings are currently relatively concentrated; if the market continues to weaken, this portion of funds may experience further reduction demands, leading to new liquidity pressures.