The Fed Rug-pulls Bears
Dec 14, 2023
• 8
Min Read
OI Rinse to Start the Week
This week the crypto market started off with a bang, marked by a liquidations-driven downturn on Sunday evening. The perpetual futures market witnessed a low liquidity liquidation cascade that wiped out approximately $2.7 billion in open interest across all cryptoassets, according to data from CoinGlass.
At the time, we perceived this event as a normal cleansing of overleveraged weekend positions and viewed any immediate market weakness as a buying opportunity. Following this shake-up, BTC, ETH, and SOL all demonstrated resilience, finding support at the previ...