At noon, I was watching the board when I saw Binance with $USDE somehow instantly spike down to 0.92. I knew this order book was terribly flimsy.
Last night, the whole internet blew up with more than 800 million in short positions—looks like the bulls won big, but the market depth is as thin as paper. The pump relies on shorts getting liquidated and cascade selling pressure, not on real spot money buying. By the afternoon, once the short fuel runs out, even a bit of selling pressure is enough—anyone chasing longs at the high instantly gets trampled.
The foundation of this market is too fragile. Don’t let one or two bullish candles convince you it’s back on track. Hold your fire and let the bullets fly a little longer.
Last night, the whole internet blew up with more than 800 million in short positions—looks like the bulls won big, but the market depth is as thin as paper. The pump relies on shorts getting liquidated and cascade selling pressure, not on real spot money buying. By the afternoon, once the short fuel runs out, even a bit of selling pressure is enough—anyone chasing longs at the high instantly gets trampled.
The foundation of this market is too fragile. Don’t let one or two bullish candles convince you it’s back on track. Hold your fire and let the bullets fly a little longer.