Data Commentary from Delphi on Wednesday’s Plunge

Some data to note:

Over 2 billion of BTC liquidated and over 10 billion of various crypto positions liquidated

Deribit’s futures traded at -75% as huge selling pressure weighed on

Gas Fee on Ethereum increased to 1,700 gwei, DeFi’s Gas war went on as Liquidators and arbitrageurs started vying for various opportunities.

Inflows into BTC exchange peaked since March 2020, which is not necessarily a bottoming feature, but a sign of shocks and a surrender of the weak hand.

Source: https://www.delphidigital.io/reports/delphi-daily-black-wednesday/