Bitcoin slides as US demand fades and leverage flushes
Glassnode says the Coinbase premium has stayed negative through the slide from September's high, while about $700M was liquidated in 24 hours and analysts turn cautious.
What we know
An account on X says the Coinbase premium has been below zero throughout the decline, with its 30-day average the deepest since February. Coinbase Markets notes a $2.7B BTC and ETH options expiry with BTC calls outnumbering puts two to one, open interest concentrated at $81K and $84K. A trader notes about $700M liquidated in 24 hours with BTC only down about 3%, and another analyst says he is not bullish below the 200-day MA cloud. Market news accounts say bitcoin, bonds and bullion were battered after the Nvidia news (unconfirmed).
Sources
“Today's $2.7B BTC and ETH options expiry reveals a positioning divergence”
View post →What people are posting
Posts on X this story draws on. They are individual users' views and have not been verified by Global Eye 24.
“US demand for bitcoin has gone quiet. The Coinbase premium has been below zero through the whole slide”
View post →By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.