$BTC Market Data Update (22.01.22)

BTC-Market-Data-Update-220122

$BTC market price($36.5K) dropped by -15.7% in the past 34 hours
- Estimated leverage ratio is still relatively high by 0.21
- $2.83B open interest decreased in the perpetual market
- Funding rate turned negative for the 8 hours and is now slightly positive
- $372M long positions were liquidated in the perpetual market

3 Key Data Changes Before $BTC Drop

1. Exchange Whale Ratio was very high. The top 10 hourly deposits in each exchange take 90% of total inflows.
2. Long-term Holder SOPR  spiked, meaning some of the long-term holders tried to sell BTC.
3. Coinbase Premium Index fluctuated, possibly indicating the selling pressure mostly came from U.S. institutional investors. Bitcoin's price crashed alongside S&P 500 and NASDAQ-100.