Add as a preferred source on GoogleFutures Selling and Long Liquidations Pressure Bitcoin’s Recovery
Spot buying continued but did not absorb futures pressure. A separate 30-day measure had already turned negative as Bitcoin exchange reserves rose.
Bitcoin (BTC) traded near $76,900 at 5:48 a.m. ET (10:48 UTC) Nov. 3 as futures selling and long liquidations pressured its recovery, adding to volatility. Spot-market purchases continued but did not absorb the selling, and traders remained cautious as liquidations added volatility.
The price pressure came against a weak spot-demand backdrop. The 30-day spot-demand measure had turned negative as Bitcoin exchange reserves rose. The measure tracks direct purchases; futures are derivatives, so activity in futures does not establish equally strong buying in the spot market.
Traders are watching whether spot purchases strengthen relative to futures selling as they assess the recovery.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.