[Bitcoin Drops from $107,000 to $85,000 in 11 Days, Binance Long-Short Account Ratio Reaches 2.67:1]
On-chain data shows that Bitcoin's price has dropped from $107,000 to $85,000 within 11 days, indicating a continued downward trend in the market. In the past 24 hours, the total liquidation amount in the market reached $1.87 billion, with long positions accounting for 87%. Over the past week, cumulative liquidation amounts ranged between $5 billion and $7 billion, with Bitcoin-related liquidations accounting for 40-60%.
Due to last night's price dip, the open interest (OI) for Bitcoin and Ethereum has decreased over the past 24 hours, standing at $58.55 billion and $32.72 billion, respectively. Despite this, long positions still dominate the existing OI. For example, on Binance, the 24-hour long-short account ratio for Bitcoin is 2.67:1, while the top traders' long-short account ratio is 3.38:1.
Additionally, most exchanges maintain positive funding rates, with long positions continuing to pay funding fees to short positions.