BitMEX saw an incredible amount of Bitcoin longs being liquidated as the price fell to 7,350 dollars.
BitMEX sees $180M worth of Bitcoin longs liquidated
Nearly 180 million dollars worth of longs were liquidated on BitMEX exchange. The exchange is one of the most popular derivatives exchange with one of the highest trade volume average. As the price of Bitcoin plunged, spot exchanges saw a drop to 7,500 dollars while BitMEX saw the price drop to 7,350 dollars. The average leverage ratio was 25 times, which would result in a collective loss of nearly 6.5 million dollars.
A few days ago, one of the top traders at BitMEX had proudly declared his long position on Bitcoin. He had stated that “true chads” were looking long but came to regret it after a few days when the asset’s price fell below 7,500 dollars. Other long traders showed similar regret.
This drop has created an opportunity for the bulls to take over the market. The price may fall below the 7,000 dollars mark, which has been the target of bears since it rose above the point back in May 2019. Currently, the price of Bitcoin is 7,609 dollars with little pressure from the buyers.
Twitter user @scottmelker observed that people from the retail sector have been losing interest in Bitcoin. He shared statistics about wallets with more than 0.1 BC and saw that there was little growth in November.
On the other hand, some people seemingly remained unaffected by the move. Dutch analyst “PlanB” believes that the difficulty adjustment has prevented miner capitulation, and the price of Bitcoin can start rising then. He made the analysis based on a chart that showed the price rose when such a pattern was formed.