Bitcoin on-chain analysis by Axel Adler Jr.
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Short Liquidations Hit $290 Million in a Day
Read the briefOn November 4, Bitcoin short liquidations reached $289 million, the highest since September 21. The funding rate has remained positive since May 26, although it declined slightly over the past week.
TL;DR
The largest spike in short liquidations since late September occurred amid a prolonged period of positive funding. Long holders continue to pay to keep their positions open.
- $289M
- Short liquidations
- $425M
- Seven-day liquidation total
- 68%
- Share liquidated on the final day
- 0.0067%
- Funding rate
Bitcoin: Short Liquidations USD
On November 4, $289 million in short positions were liquidated, compared with $29 million on October 28. That is almost ten times as much. Liquidations are the forced closure of positions with insufficient margin.
Over the seven days from October 29 through November 4, liquidations totaled $425 million, compared with $115 million over the previous seven days. Of that total, 68% occurred in the final day. Watch whether liquidations remain elevated or quickly return to previous levels.
Bitcoin: Funding Rates
The funding rate has remained positive since May 26: 163 consecutive days. Throughout this period, long holders have been paying short holders. On November 4, the rate was 0.0067%, compared with 0.0073% a week earlier.
Persistently positive funding shows a steady willingness to pay to keep long positions open.
FAQ
Do large short liquidations guarantee further price gains?
Forced closures can support the move, but further gains require fresh buying after liquidations end.
Does positive funding mean there are more longs than shorts?
Every contract has both sides. The rate reflects funding conditions, not a numerical advantage among buyers.
Conclusions
The market saw its largest spike in short liquidations since late September. Meanwhile, the funding rate remains positive, though below last week's level. A more sustained recovery will require the price to hold after liquidations subside. The main risk is weaker buying once the forced closure of shorts ends.
Live Charts
Explore the metrics behind this brief with live, auto-updating charts:
Derivatives — All funding, open-interest, and leverage charts in one view.
Funding Rates — Perpetual futures funding to track long-side or short-side leverage pressure.
Open Interest (BTC) — Total futures positioning and 7-day BTC-denominated change.
Fear & Greed Index — Composite market sentiment for risk appetite and sentiment extremes.
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Bitcoin on-chain analysis, explained
What is Bitcoin on-chain analysis?
It is reading Bitcoin's public blockchain data to see what holders actually do: at what price they bought, whether long-term holders are selling, and how much BTC moves to and from exchanges. Price shows what happened. On-chain data shows who is behind the move.
Which on-chain metrics do you track?
The cost basis of holder groups (Realized Price, MVRV), short-term and long-term holders, exchange flows, and derivatives data such as funding rates and open interest.
Where does the data come from?
Primarily from CryptoQuant, where I am a Verified Author.
What is the difference between Adler ☕️ AM and Adler 💎 Insight?
Adler ☕️ AM is a free brief, Monday to Friday: two on-chain metrics and what they mean today. Adler 💎 Insight is one weekly report every Monday on Substack, $30 per month: the whole week put together in a short read.
Who is Axel Adler Jr.?
A Bitcoin on-chain analyst and CryptoQuant Verified Author, with 28K followers on X. My analysis has been cited by more than 1,000 news outlets.