👀👀👀 Whales 🐋🐋 Open Short Positions.
Recent data shows that large cryptocurrency investors are establishing significant short positions, building highly leveraged positions in ETH, BTC, SOL, and XRP.
This has caused price adjustments with a 10% drop in SOL, a 5% drop in ETH, and a cascade of liquidations totaling $5.7 million. Article from Binance SquareKey Factors Behind Whales' Short Positions
• BTC falling below the support level of $115,000, triggering algorithmic selling
• The increase in U.S. Treasury bond yields and unfavorable regulatory discourse from the EU heighten risk aversion sentiment
• Negative funding rates in ETH perpetual contracts incentivize the accumulation of short positions
• Whales use high leverage to maximize returns on centralized exchanges Liquidity gaps in ETH.