#Gate广场五月交易分享 Derivatives Market Depth Analysis

Perpetual Contract Market: The current open interest (OI) for BTC is about $54 billion, at a historically high level. Within 24 hours after the FOMC, 122,173 traders were forced to liquidate, with a total liquidation amount of $535 million, including $372 million long liquidations and $162.5 million short liquidations — longs are the main victims of this round of decline, and they are not few.
The largest single liquidation occurred on Bn's ETHUSDT perpetual contract, amounting to $7.9 million.
Regarding funding rates, ETH previously experienced negative funding rates (shorts paying longs), which is a signal dominated by shorts, but it also means that the number of longs that have been liquidated has decreased, and the endogenous downward momentum is also waning.
After the March FOMC, extreme negative funding rates appeared: BTC at -0.0010%, ETH at -0.0004%, SOL at -0.0101%. The strong rebound in late April has gradually digested these extreme short sentiments.
Liquidation heatmap: The dense short liquidation zone above: $78,000–$80,000 (short squeeze target)
The long liquidation zone below: $74,000–$72,000 (pinning target) The market forms a "magnetic tug-of-war" between these two zones, and the short-term trend depends on which side is triggered first.