BTC A large number of longs just got wiped out on this move down, while open interest dropped significantly. This kind of move suggests that a lot of positions have already been flushed from the market. Funding has also turned slightly negative, meaning longs and shorts are now relatively balanced With a large portion of leveraged positions cleared out, the market is now in a much healthier state. If buyers step in here, this could lead to a relief bounce. However, without strong spot demand, price may continue to drift lower from here.(Max Trades)