Crypto liquidations have hit nearly $610 million in the past 24 hours, with leveraged bulls suffering the most significant losses, losing $545 million while shorts bled only $63 million. On October 2nd, another liquidation cascade caused $580 million in losses, with bulls bearing the brunt at $330 million, following the weaker jobs report. On September 28th, leveraged bulls had already lost over $415 million during a similar long squeeze event. Bitcoin’s funding rate has dropped from 7% to below 1%, signaling broader market deleveraging that reduces the risk of major catastrophic liquidation cascades ahead. The next key macro event will be the inflation report (CPI) on October 14th, before the Fed rate decision on October 28th, with the market pricing in a 78% chance of an interest rate pause.
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