Bitcoin (BTC) has dealt significant pain to bulls in recent weeks, and now, fresh data shows just how much.
In a tweet on Jan. 10, on-chain analytics firm Glassnode revealed that those longing BTC had suffered a rerun of last May, when BTC/USD began to fall toward $30,000.
Long traders fail to “catch the knife”
According to Glassnode’s Longs Liquidations Dominance metric, the “majority” of liquidations over the new year involved longs.
This is unsurprising, given Bitcoin’s overall trajectory since late November, but the extent of losses puts the past few weeks on par with May in terms of longs vs. shorts.
“Bitcoin long liquidation dominance has hit 69%, the highest level since the May 2021 deleveraging event,” researchers commented.
“This means that the majority of liquidations in futures markets