Matrixport: The leveraged positions of Bitcoin and Ethereum are being rapidly liquidated

Matrixport published a market outlook stating that the current market is clearly in a deleveraging phase, and the risks of maintaining high positions are rising. The open interest in Ethereum has fallen by 50%, indicating that leveraged funds are rapidly contracting. Against this backdrop, overall risk appetite is under pressure. Bitcoin is approaching the key support level of $93,000, and liquidity in this range may weaken further in the short term.

The previously crowded long positions in futures for the fourth quarter have been largely cleared, and the pressure on the leverage side has been temporarily released. What needs to be monitored next is that ETF holdings are currently relatively concentrated; if the market continues to weaken, this portion of funds may experience further reduction demands, leading to new liquidity pressures.