Liquidations Wipe Out $2.7 billion in OI, IMX Breakout Strengthens its Technical Picture
Dec 11, 2023
Market Update On Sunday evening, the perps market experienced a low liquidity liquidation cascade, eliminating about $2.7 billion in open interest (source: CoinGlass) across all coins. We interpret this as a healthy purge of some overleveraged traders, and any immediate market weakness should be viewed as an opportunity to buy on dips. $BTC found support at last week's low and has since recovered about half of last night's dip. Today, our focus will be on which assets rebound the strongest from last night's drawdown. Currently, BTC is trading at around $41.5k, and $ETH is just under $2200, wh