October 2nd’s market taught all the shorts a lesson. In the US, September nonfarm payrolls rose by only 29,000, far below the expected 90,000; the unemployment rate climbed to 4.2%. As soon as the data came out, the probability of a rate hike in October plunged from over 60% from a week earlier to under 18%. BTC surged in an instant, briefly hitting above 87,000—up more than 3% on the day—but within less than two hours it plunged from 87,220 and broke below 84,000. Across the whole market, liquidations nearly reached $600 million, including $128 million for shorts—typical of a pattern that squeezes shorts first and then kills longs. In this kind of market, direction matters less than position sizing.#BTC #ETH