Bitcoin’s whirlwind day sees $440M in market liquidations as CME overtakes Binance in open interest

Quick Take

Bitcoin’s trajectory on Nov 9 presents a compelling case study in market volatility. Briefly touching $38,000, Bitcoin’s price has since dialed back to settle at $36,500. This short-lived surge drove Bitcoin’s market cap from an initial $715B to a zenith of $740B, before receding back to $715B.

The noteworthy aspect is the day-to-day market cap increase, where at the peak, Bitcoin’s market cap soared by approximately 4.5%, escalating from $697B to $729B. This stood at one of the most significant one-day percentage change increases in Bitcoin’s storied market cap history, just outside the top 10.

Top 10 one day percentage increases in Bitcoin market cap: (Source: Glassnode)
Top 10 one-day percentage increases in Bitcoin market cap: (Source: Glassnode)

However, this surge was not without repercussions. Liquidations over the last 24 hours have surpassed $440M in the crypto market, a direct consequence of the abrupt market flush.

Time Liquidation Amount
1 hour $147M
4 hours $262M
12 hours $334M
24 hours $446M

Source: Coinglass

Concurrently, open interest has seen a reduction by over 5%, effectively eradicating $1B of open interest in Bitcoin.

Significantly, this turbulence has resulted in a shifting landscape regarding exchange open interest. Chicago Mercantile Exchange (CME) has now ascended to become the largest exchange in this regard, following a substantial wipeout of open interest from Binance.

BTC Open Interest: (Source: Coinglass)
BTC Open Interest: (Source: Coinglass)

The post Bitcoin’s whirlwind day sees $440M in market liquidations as CME overtakes Binance in open interest appeared first on CryptoSlate.

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  • tetherTether(USDT)$1.00-0.08%
  • binancecoinBNB(BNB)$217.290.72%
  • rippleXRP(XRP)$0.521.75%
  • usd-coinUSD Coin(USDC)$1.00-0.04%
  • cardanoCardano(ADA)$0.260196-0.85%
  • dogecoinDogecoin(DOGE)$0.0631641.33%
  • tronTRON(TRX)$0.0774861.09%
  • polkadotPolkadot(DOT)$4.501.99%
  • litecoinLitecoin(LTC)$65.301.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,065.000.00%
  • bitcoin-cashBitcoin Cash(BCH)$189.59-0.41%
  • uniswapUniswap(UNI)$4.58-0.60%
  • stellarStellar(XLM)$0.1229001.01%
  • moneroMonero(XMR)$141.101.34%
  • aaveAave(AAVE)$56.961.06%
  • havvenSynthetix Network(SNX)$2.06-0.07%
  • tezosTezos(XTZ)$0.701.39%
  • eosEOS(EOS)$0.581.13%
  • theta-tokenTheta Network(THETA)$0.641.26%
  • bitcoin-cash-svBitcoin SV(BSV)$29.94-1.07%
  • nemNEM(XEM)$0.025210-0.32%