Glassnode, a renowned provider of on-chain and financial metrics, has reported that the Mean Liquidated Volume (MLV) in Futures Contracts Long Positions for Bitcoin has reached a remarkable 19-month high.
The analytic firm reported the update in a recent tweet via its automated alert account on the X platform. According to the update, the Bitcoin MLV for Long positions hit $730,576 on the OKX crypto exchange platform.
📈 #Bitcoin $BTC Mean Liquidated Volume in Futures Contracts Long Positions just reached a 19-month high of $730,576.07 on #Okex
Previous 19-month high of $607,216.06 was observed on 08 September 2022
View metric:https://t.co/tj77GIdcs8 pic.twitter.com/grYR4JKKxq
— glassnode alerts (@glassnodealerts) September 10, 2023
The reported figure represented a substantial uptick in the number of Bitcoin traders incurring significant losses in recent times. In particular, it implies that those who had bet that the price of Bitcoin would go up were forced to close their positions at a loss.
Notably, the over $730k liquidated surpasses the previous 19-month high. As of September 8, 2022, the Bitcoin MLV stood at $607,216. Meanwhile, data from Coinglass, a prominent derivative market tracker, provides more context to the state of traders losing funds via Long and Short positions.
According to Coinglass data, 33,400 traders liquidated their positions at losses. Cumulatively, the lost funds amount to over $55 million. The most significant single liquidation order occurred on Binance in the Bitcoin to USDT pair, where the trader lost $2.77 million.
Moreover, the data shows the overwhelming majority of traders incurring losses are those betting the price of Bitcoin would appreciate. On the Binance exchange, 89.96% of such traders have lost their funds already. Similarly, on the OKX exchange, 86.64% of Bitcoin Long positions traders have liquidated.
Other exchanges that captured similarly significant losses via Bitcoin Longing include Bybit, Huobi, CoinEX, and Bifinex. Bitcoin trades around $25,860 at press time, with a paltry 0.05% decrease in the last 24 hours.
