The cryptocurrency market has shed billions of dollars in aggregate market cap amid a macro-driven rout, but traders are worried that an overheated futures market suggests that prices could fall further.
"The market is basically being driven by outside forces more so than crypto-specific positioning and fundamentals," commented GSR's Richard Rosenblum. The juxtaposition of low liquidations and high open-interest suggests there's"tons more OI to wipe out," according to one trading source.
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