<BTC 2024's Largest Long Position Liquidation and Open Interest Decrease>

BTC-2024s-Largest-Long-Position-Liquidation-and-Open-Interest-Decrease

Amidst a global stock market stumble, BTC has experienced a sharp decline of up to -16% in the past day, and a steep drop of -30% from its recent short-term peak. This resulted in the liquidation of 5,500 BTC long positions over 24 hours. This liquidation is approximately $303 million(based on the hourly closing price).

The open interest on major exchanges like Binance, Bybit, and OKX, which comprise most of the open interest, has also significantly decreased to nearly half. While the January high ($48.9k) and the February consolidation range ($51-52k) are serving as support, if these levels are breached, it could potentially threaten the realized price of long-term holders (LTH).