Glassnode

A new report highlights a surge in leverage trading, leading to more violent market swings. The ‘Early Black Friday’ event saw over $640 million in hourly liquidations, while Bitcoin’s dominance and spot volumes continue to grow, signaling a maturing market.

Bitcoin is attempting a recovery towards the $90,000 mark after recent heavy losses, but while selling pressure eases, derivatives traders are largely betting on further declines.

Bitcoin’s price has plummeted, with realized losses reaching levels not seen since the FTX collapse in 2022. Short-term holders are capitulating as market sentiment hits ‘Extreme Fear’, raising questions about the end of the bull market and when a price bottom might be in sight.