Darkfost
The largest short liquidation on Binance since BTC began its April uptrend.
As BTC dropped from $109 000 to $78 000, a large number of short positions were opened, particularly on Binance. This added significant selling pressure coming from the derivatives market. As BTC began to reverse its trend in early April, those short positions started getting gradually liquidated, turning into buying pressure instead. The most significant liquidation event since the start of April occurred on May 8, with over $31 million in short positions wiped out in a single day on Binance. Since that event, funding rates have remained relatively low, around 0.004, suggesting that short positions are still very present and that Binance traders remain hesitant to go long. Once long positions regain a clear advantage, the bullish trend could accelerate further and potentially help Bitcoin break through its previous all-time high.