Data shows that the sale of Bitcoins and altcoins is not over yet.

The following are key points.

• The sharp drop in open interest reflects the impact of $20 billion worth of leveraged liquidations. It also highlights traders’ unwillingness to return to the market.

• The price decline and selling of Bitcoin is likely to continue until the CME BTC market and equity futures open Sunday evening US time.

After Friday’s sell-off of over $20 billion on centralized exchanges and hundreds of millions across DeFi, the crypto market is still reeling. 

Crypto traders were caught by surprise when President Trump announced a tariff of 100% on Chinese imports Truth Social Post. The data from CoinGlass reveals the extent of the crash. At the time this article was written, Bitcoin had fallen by over 50%.BTCEther, a major cryptocurrency (ETHSOL (SOLThe % and %) are both down by 3.74% & 7.0%, respectively. 

Trump tweeted on Friday, just 2 hours before the end of the day’s trading session for crypto and equity trading. There is therefore a possibility for further price drops as the volumes in CeFi and CEXs drop over the weekend.   

You can also contact us by clicking here. speaking to Schwab Network Cointelegraph Head of Markets Ray Salmond and Nicole Petallides discussed how Bitcoin, Ether, as well as several altcoins, were ready for use based upon data on liquidation heatmaps. 

“If we look at liquidation heatmap data from Hyblock Capital, which basically shows where all the short and long positions are across various orderbooks at centralized crypto exchanges, we can see that there’s a liquidity pocket of long positions that are being exploited…that pocket extends from $120,000 to $115,000 and from $115,000 to $113,000.” 

Salmond added

“There are plenty of metrics and data that suggest Bitcoin is trading at a discount right now. If you consider the mean price to be $120,000, a 1 standard deviation move away from that is $115,000, a 2 standard deviation move away from the mean is $110,000. Aggregate orderbook data for Bitcoin currently shows a sufficiently hefty amount of bids in that range.” 

Related: Bitcoin may get ‘dragged around a bit’ amid Trump tariff fears: Exec

The liquidation heatmap shows leveraged long positions of $98,600. BTC open interests highlights traders’ current unwillingness to open new positions. 

The chart below shows that global open interest (excluding BTC, ETH and other cryptocurrencies) has also taken a hit, with OI on most exchanges dropping by nearly 45%. 

The most likely scenario is that the market will continue to be weak until Sunday night when the CME markets open for Bitcoin futures and equity futures. Futures markets will likely provide insight on how TradFi operates. “feels” What is the situation?

The market’s future direction will be determined by the global interest or uptick in the crypto markets.

EndGame macro, X-user provided This is one of the best context overviews to what was going on in the background, prior to the chaos seen in the crypto markets. 

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making their final choice.