"You can't predict. You can prepare." Howard Marks, Oaktree memo, November 2001.
Nobody had "biggest exchange hack ever" on their bingo card this week. Chainalysis puts the Binance theft at roughly $5.9B, $BTC slipped under $77K, and about $1.55B in positions got liquidated in 24 hours, mostly longs.
Binance says it will cover user losses and around $3B is already frozen. Good. But the lesson isn't about one exchange.
You couldn't see the hack coming. You could control what decided how much it hurt: how much leverage you ran, how close your liquidation price sat, whether all your coins lived on one platform. In my experience, most blowups in weeks like this aren't about being wrong on direction. People were just sized for a world where nothing surprising happens.
What's one thing you're changing in your setup after this week?
#Bitcoin #RiskManagemen #CryptoNews
Nobody had "biggest exchange hack ever" on their bingo card this week. Chainalysis puts the Binance theft at roughly $5.9B, $BTC slipped under $77K, and about $1.55B in positions got liquidated in 24 hours, mostly longs.
Binance says it will cover user losses and around $3B is already frozen. Good. But the lesson isn't about one exchange.
You couldn't see the hack coming. You could control what decided how much it hurt: how much leverage you ran, how close your liquidation price sat, whether all your coins lived on one platform. In my experience, most blowups in weeks like this aren't about being wrong on direction. People were just sized for a world where nothing surprising happens.
What's one thing you're changing in your setup after this week?
#Bitcoin #RiskManagemen #CryptoNews
