Bitcoin and Ethereum Reach New Highs, Triggering Liquidation Frenzy
On November 9th, Bitcoin (BTC) and Ethereum (ETH) experienced significant price movements, propelling them into new price ranges. This led to a surge in liquidations across the market, accompanied by notable shifts in other metrics.
Bitcoin and Ethereum Lead Liquidations
According to CryptoRank, around $289 million in liquidations occurred across major derivative exchanges in the past 24 hours. The majority of these liquidations were driven by Bitcoin and Ethereum, both of which reached monthly price highs. While other assets also observed price increases, the majority of liquidations came from these two assets.
Coinglass reported that on November 9th, Bitcoin accounted for over $167 million in liquidated positions. Short positions contributed to a liquidation of more than $127.5 million, while the short position was over $40 million. Additionally, Ethereum witnessed a total liquidation of more than $80 million on the same day. Short positions liquidation was over $60.3 million, and long positions were over $21 million. As of the current update, total ETH position liquidation stood at less than $6 million, while BTC’s was below $4 million.
Bitcoin and Ethereum Funding Rates Hit Monthly Highs
During the period of substantial liquidations in Bitcoin and Ethereum, there was also a noteworthy surge in their funding rates. An analysis of the Coinglass funding rate data revealed that on November 9th, BTC’s funding rate peaked at 0.02%, marking the highest positive funding rate for BTC in over seven months. Similarly, ETH experienced a record-high positive funding rate on the same day, reaching over 0.06%, representing the highest positive rate in more than seven months. The increase in positive funding rates suggests that traders anticipate a continued upward trend in the prices of Bitcoin and Ethereum, leading derivative traders to take long positions in anticipation of further price climbs.
BTC and ETH Hit New Price Ranges
On November 9th, the daily timeframe chart for Bitcoin revealed a 2.75% price increase, with the price climbing above $36,000. The price even reached as high as $38,000 during that session. At the time of this update, BTC was experiencing a slight loss of less than 1% but continued to trade above the $36,000 price level.
Similarly, Ethereum’s price trend on the same day showed a remarkable surge, with a price gain of over 12.30%, surpassing the $2,000 mark. This marked the first instance in the year where Ethereum’s price had surged by over 12% within a single trade. As of the current status, Ethereum was undergoing a decline of over 1% but maintained a position above $2,000.
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