Quick Take
- Yesterday saw the largest cascade of long positions liquidated since April 19, the previous largest long liquidation of 2023, as reported by CryptoSlate.
- According to Coinglass, over $290 million of longs positions were liquidated, which surpasses the April cascade of $260 million.
- In addition, the perpetual funding rate has turned negative for the first time in a month, which flushed out the longs.
- A sustained negative funding rate is likely necessary to establish a local bottom in the Bitcoin price.
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