Journalist
Posted:
- BTC and ETH rose above the $36,000 and $2,000 price range respectively.
- The liquidation of BTC and ETH positions leads to liquidations of the crypto market.
On November 9, Bitcoin [BTC] and ether [ETH] experienced significant price movements, moving them into new price ranges. As a result, the market witnessed a substantial increase in liquidations, accompanied by notable shifts in other metrics.
Bitcoin and Ethereum lead liquidations
CryptoRank reported that approximately $289 million in liquidations occurred on major derivatives exchanges in the past 24 hours.
The increase in the number of liquidated positions was mainly driven by Bitcoin and Ethereum, both of which saw monthly price highs. While other assets besides BTC and ETH also saw price increases, the majority of liquidations came from these two assets.
According to Mint glassThe breakdown of liquidated positions showed that BTC was worth more than $167 million as of November 9. The short positions contributed to a liquidation of more than $127.5 million, while the short position amounted to more than $40 million.
Furthermore, on the same day, ETH witnessed a total liquidation of over $80 million per Mint glass.
The liquidation of short positions was over $60.3 million, and the liquidation of long positions was over $21 million.
As of the current update, the total liquidation of ETH positions was less than $6 million, while that of BTC was less than $4 million.
Bitcoin and Ethereum funding rates reach monthly highs
During the period of substantial liquidations in Bitcoin and Ethereum, there was also a notable increase in their funding rates.
An analysis of Coinglass’ funding rate data showed that BTC’s funding rate peaked at 0.02% on November 9. This was the highest positive funding rate for BTC in over seven months.
At the time of this update, the funding rate for BTC remained positive and stood at approximately 0.01%.
Likewise, ETH saw a record high positive funding rate on the same day. The chart showed that interest rates were over 0.06%, representing the highest positive figure in more than seven months.
The increase in positive funding rates suggests that traders are anticipating a continued upward trend in Bitcoin and Ethereum prices.
As a result, derivatives traders take long positions in anticipation of further price increases.
BTC and ETH reached new price ranges
On November 9, the daily timeframe chart for Bitcoin revealed a 2.75% price increase, with the price rising above $36,000.
Furthermore, the price rose to $38,000 during that session. At the time of this update, BTC was experiencing a slight loss of less than 1%. Despite the loss, it continued trading above the $36,000 price level.
Source: TradingView
Read Bitcoin (BTC) price prediction 2023-24
Moreover, an analysis of Ethereum’s price trend on the same day showed a notable increase. The chart analysis indicated a price gain of more than 12.30%, exceeding the $2,000 mark.
Notably, this was the first case in the year where Ethereum’s price increased by more than 12% within a single transaction. From its current status, Ethereum suffered a decline of more than 1%, but it maintained a position above $2,000.
Source: TradingView
