From 21:30 to 21:45 (UTC) on May 24, 2026, BTC’s return within the 15-minute window reached -0.50%. The price ranged from 76123.5 to 76570.3 USDT, with an amplitude of 0.58%, and the market showed a clear short-term sell-off pressure. The main driver of this abnormal move was a long squeeze in a high-leverage derivatives market. Data shows that open interest in futures contracts rose to 1.04 times the average in early May; the funding rate remained negative throughout. Between May 11 and 13, the total liquidation amount of long positions reached $1.097 billion, which was 11.8 times the amount of short position liquidations, reflecting the market structure

OnchainDetective

2026-05-24 21:48:03

On May 24, 2026, from 21:30 to 21:45 (UTC), BTC's return within a 15-minute window reached -0.50%, with a price range of 76,123.5 to 76,570.3 USDT, and an amplitude of 0.58%, indicating a clear short-term selling pressure in the market. The main driver of this anomaly was long liquidation under high leverage conditions in the derivatives market. Data shows that open contracts in early May rose to 1.04 times the average, with funding rates remaining negative. Between May 11 and 13, long liquidations totaled $109.7 million, 11.8 times the amount of short liquidations, indicating an extremely fragile market structure. Additionally, net inflows into exchanges turned positive on May 11, with seller liquidity compressing below the daily outflow level of 19,995 BTC, leading to an increase in available BTC for sale while buyer demand did not keep pace. Meanwhile, the Federal Reserve's reduced expectations for rate cuts led to a decline in macro risk appetite, with institutional funds adopting a short-term wait-and-see approach or even flowing out, and ETF capital flows becoming more volatile. The Fear and Greed Index remains in the fear zone at 33, reflecting cautious investor sentiment. Currently, attention should be paid to the key support level of $75,000 and on-chain capital flows; further leverage unwinding could trigger a chain reaction. It is recommended that short-term trading strictly controls risk.

BTC-1.53%

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BTC’s 15-minute plunge of 0.50%: a leverage liquidation cascade and liquidity buildup triggered by order-flow congestion resonate, leading to a short-term sell-off

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