Bitcoin long traders fail to 'catch the knife' so far as liquidations mount.
In a tweet on Jan. 10, on-chain analytics firm GlassnodeLong traders fail to “catch the knife”
According to Glassnode’s Longs Liquidations Dominance metric, the “majority” of liquidations over the new year involved longs. This is unsurprising, given Bitcoin’s overall trajectory since late November, but the extent of losses puts the past few weeks on par with May in terms of longs vs. shorts. “Bitcoin long liquidation dominance has hit 69%, the highest level since the May 2021 deleveraging event,” researchers commented.
“This means that the majority of liquidations in futures markets over recent weeks were long traders attempting to catch the knife.”Looking at the data, the period from late July through late November saw the opposite trend form, with shorters becoming victims of an unexpected bull run multiple times.While long liquidation spikes do not always mark local price bottoms, the appetite for a turnaround on short timeframes has long been vocal.
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