About $2 billion in crypto bets got liquidated in 24 hours. Most of it was longs.
Bitcoin touched about $62,000 this weekend. It dropped over 8% and Ether lost more than 10% in that window. More than 320,000 traders got liquidated.
The whales got hit too. Four of them were liquidated for more than $10M each when BTC slipped under $69K, about $144M combined. One had BTC and ETH longs worth over $140M. Both got fully liquidated, and the loss was more than $17M.
A few things stacked up. Bitcoin broke below its 200-day average near $73K. Spot BTC ETFs saw outflows seven trading days in a row, about $1.9B total. Rate markets now fully price a Fed hike in December, and October CPI rose 0.4% on the month.
That's the leverage problem. Price drops, longs get forced out, and the forced selling pushes it lower.
No one knows where the bottom is. $60K is the level people are watching next.
Liquidation numbers move fast...
#CryptoSelloffTriggersMultipleWhaleLiquidations
Bitcoin touched about $62,000 this weekend. It dropped over 8% and Ether lost more than 10% in that window. More than 320,000 traders got liquidated.
The whales got hit too. Four of them were liquidated for more than $10M each when BTC slipped under $69K, about $144M combined. One had BTC and ETH longs worth over $140M. Both got fully liquidated, and the loss was more than $17M.
A few things stacked up. Bitcoin broke below its 200-day average near $73K. Spot BTC ETFs saw outflows seven trading days in a row, about $1.9B total. Rate markets now fully price a Fed hike in December, and October CPI rose 0.4% on the month.
That's the leverage problem. Price drops, longs get forced out, and the forced selling pushes it lower.
No one knows where the bottom is. $60K is the level people are watching next.
Liquidation numbers move fast...
#CryptoSelloffTriggersMultipleWhaleLiquidations
