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Bulls Get Rekt

Crypto investors fight the worst dip in months

Jack Inabinet
Dec 11, 2023 • 1 min read

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Crypto markets are having their worst day since August. Bitcoin is down 7.3%, Ether has fallen 7.5%, and the total crypto market cap (TOTAL) is defending $1.5T. Is this pullback a chance to buy the dip?

Over $480M in long and short trades have been liquidated during the last 24 hours as a result of the market volatility, making this liquidation event the largest since early November.

As longs comprised 90% of the liquidations, perpetual funding rates fell considerably. While BTC funding rates have come in from a stretched 0.030% to a comparably healthier 0.013%, they remain at an elevated level.

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Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.