Open – Dec LM

Futures activity hints at an influx of fresh shorts as Monday's bearish marubozu candle points to more losses ahead.

Wednesday's price action for bitcoin was the fourth time it exceeded the key $100,000 price level.

Futures tracking major tokens outside of bitcoin and ether saw tens of millions in losses, led by XRP at $39 million in an unusually high move.

Avalanche's low transaction fees and consistency were cited as reasons for picking that chain.

Funding rates for major tokens, including BTC, have normalized to below 0.1%, indicating an exit of over leveraged bulls.

Liquidations are likely to have less impact on spot prices thanks to declining open interest, FalconX's head of research noted.

A short squeeze refers to a price rally driven by an unwinding of bearish bets.