Whales Buy Bitcoin Futures as BTC Drops Below $71K
Whales and market makers increased long positions in Bitcoin futures as BTC fell below $71,000 on Monday, triggering $276 million in liquidations amid $3.46 billion in U.S. spot ETF outflows.
Bitcoin fell below $71,000 on Monday, its lowest level in seven weeks. The decline triggered $276 million in liquidations of leveraged positions and coincided with $3.46 billion in net outflows from U.S.-listed spot Bitcoin ETFs since May 13.
Top derivatives traders and market makers increased long exposure on major venues. On Binance, the long-to-short ratio among top traders rose to 1.4x from 1.1x a week earlier. On OKX, the long-to-short ratio moved to 1.9x after traders expanded shorts over the weekend and then shifted to longs on Monday.
Aggregate futures open interest across major exchanges stood at $43.5 billion, roughly flat from the prior week.
Perpetual futures funding rates climbed, entering the low double digits for the first time in over six months and briefly reaching about 12–13% annualized. Higher funding rates raise the periodic payments required from holders of long positions.
Tether’s USDT traded at about a 0.10% discount across major exchanges over the past week. Net outflows from U.S.-listed spot Bitcoin ETFs totaled $3.46 billion since mid-May.
Geopolitical events coincided with the price move. U.S. officials reported Iran fired ballistic missiles overnight, and Israeli forces carried out an incursion into southern Lebanon over the weekend. Brent crude moved toward $95 per barrel. The Nasdaq Composite rose about 0.5% on Monday. Anthropic filed a confidential IPO prospectus and SpaceX submitted IPO paperwork.
The $276 million in liquidations on Monday primarily affected leveraged long positions. Futures open interest remained near prior levels while top traders increased long exposure.
Bitcoin’s drop below $71,000 was the lowest price recorded in seven weeks.
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