On December 6th, COINOTAG reported significant volatility in the cryptocurrency market, particularly regarding Bitcoin futures. Data from Coinglass indicates that Binance’s Bitcoin U Futures Contract Funding Rate surged to a notable peak of 0.0724% on Wednesday at 4:00 PM, signaling heightened market activity. Following this spike, the funding rate normalized rapidly, settling at 0.0161% amidst a swift market correction.
During this period, a staggering $720 million was liquidated across various platforms, with long positions accounting for $615 million and shorts contributing $104 million. Bitcoin futures were particularly affected, with $447 million liquidated, underscoring the intense reactions to recent market fluctuations. Investors are advised to monitor these trends closely as they reflect broader market sentiments and potential future movements.
Source: https://en.coinotag.com/breakingnews/binance-bitcoin-u-futures-contract-sees-record-high-funding-rate-amid-720-million-in-liquidations/