◇ REPLAY · Nov 30 – Dec 8, 2021
The December 2021 Weekend Flush
A $2.5B weekend liquidation wave: BTC shed ~20% in two days while books were thin, funding was still positive, and leveraged longs learned that Saturday liquidity is not weekday liquidity.
◆ ◇ THE DECEMBER 2021 WEEKEND FLUSH · REPLAYBinance BTCUSDT archived OHLC (1d + 1h) + USDT-M funding
◇ accent dots mark daily wick lows (e.g. May 19 ~$30k)
STEP 1/8
Leverage stacks into year-end highs
BTC grinds toward ~$59k with funding persistently positive — longs pay shorts each interval, the perp analogue of contango carry. Open interest sits near cycle highs as traders position for a year-end rally. More notional on the book means more forced selling if price slips.