š 4 big stories tonight: 1,000x leverage goes live tonight, and the third could be a sign of a sell-off
Good evening, night owls of the Square š
Thereās a lot going on in the market tonightā4 stories, each with an impact on your money.
ā ā° Tonight at 22:00! papertrade officially launches on HyperEVM (in about 2 hours)
The new perpetuals exchange papertrade announced that it will launch on the HyperEVM network tonight at 22:00, after the network upgrade, with front-end trading enabled. Deposits will be briefly paused at 21:45, so get ready in advance if you want to join at launch.
The biggest selling point: up to 1,000x leverage.
š¬ Take: The battle to build derivatives infrastructure in the HyperEVM ecosystem is underway. 1,000x leverage sounds thrilling, but for 99% of people, playing with 1,000x means getting liquidated in seconds. Slippage and liquidity can be major pitfalls when a new exchange first launchesāwatch from the sidelines for now.
(Sourced from both Foresight News and ChainCatcher)
ā” The Ledger theft has a sequel: a wallet dormant for 4 years was drained as soon as it was reactivated
We warned everyone early this morning about the Ledger supply-chain attack (losses have already approached $90 million). Two new developments tonight:
- Lookonchain reported that an 8-year-old wallet, after being dormant for 4 years, was reactivated using an affected batch of Ledger, and then had all 59 ETH (about $140,000) stolen by CryptoBilis Ledger Drainer.
- SlowMistās MistTrack traced 464 ETH flowing into Tornado Cash. The source wallets are linked to the Ledger customer theft (The Defiant).
š¬ Take: The attackers are laundering the funds faster, making recovery increasingly difficult. If you bought a Ledger from a Southeast Asian distributor within the last 90 days and havenāt moved your assets, do it tonightādonāt wait until tomorrow morning.
ā¢ 10 million POL sent to Binanceāeven at a $400,000 loss, the whale is moving it out
ChainCatcher cited on-chain data showing that a whale transferred 10 million POL to Binance. If sold at the current price, the whale would take a real loss of nearly $400,000.
For comparison, over the past 24 hours POL is down 0.09%, while BTC is up 0.15% over the same period (checked live on Kraken for this report), underperforming by 0.24 percentage pointsāthe selling pressure is already showing up in its relative weakness.
š¬ Take: Sending the tokens to an exchange despite a $400,000 loss signals a strong willingness to sell. Exchange inflows donāt mean the tokens have already been sold, but the sell-pressure warning has been sounded. POL holders should avoid catching a falling knife in the short term.
ā£ $158 million liquidated in 24 hoursālongs and shorts both wiped out
A total of $158 million was liquidated across the market over the past 24 hours: $73.92 million in long positions and $84.57 million in short positionsāthe shorts got hit even harder than the longs.
This is a classic choppy market: BTC is currently at $82,811 (up about 0.15% over 24 hours), and ETH is at $2,496 (up about 0.22%). Both are making small recoveries, but traders chasing rallies or selling into dips on either side have been wiped out.
š¬ Take: When the marketās direction is unclear, the costliest move is adding leverage and chasing the trend. If youāre holding spot, you can sleep easy tonight.
(Liquidation data from ChainCatcher; prices checked live on Kraken at 19:43 for this report)
Those 10 million POLādo you bet the whale dumps them tonight, or sells them gradually? Place your bets in the comments š
$BTC $ETH $POL #åøå®å¹æåŗ #TonightāsBigStories
Good evening, night owls of the Square š
Thereās a lot going on in the market tonightā4 stories, each with an impact on your money.
ā ā° Tonight at 22:00! papertrade officially launches on HyperEVM (in about 2 hours)
The new perpetuals exchange papertrade announced that it will launch on the HyperEVM network tonight at 22:00, after the network upgrade, with front-end trading enabled. Deposits will be briefly paused at 21:45, so get ready in advance if you want to join at launch.
The biggest selling point: up to 1,000x leverage.
š¬ Take: The battle to build derivatives infrastructure in the HyperEVM ecosystem is underway. 1,000x leverage sounds thrilling, but for 99% of people, playing with 1,000x means getting liquidated in seconds. Slippage and liquidity can be major pitfalls when a new exchange first launchesāwatch from the sidelines for now.
(Sourced from both Foresight News and ChainCatcher)
ā” The Ledger theft has a sequel: a wallet dormant for 4 years was drained as soon as it was reactivated
We warned everyone early this morning about the Ledger supply-chain attack (losses have already approached $90 million). Two new developments tonight:
- Lookonchain reported that an 8-year-old wallet, after being dormant for 4 years, was reactivated using an affected batch of Ledger, and then had all 59 ETH (about $140,000) stolen by CryptoBilis Ledger Drainer.
- SlowMistās MistTrack traced 464 ETH flowing into Tornado Cash. The source wallets are linked to the Ledger customer theft (The Defiant).
š¬ Take: The attackers are laundering the funds faster, making recovery increasingly difficult. If you bought a Ledger from a Southeast Asian distributor within the last 90 days and havenāt moved your assets, do it tonightādonāt wait until tomorrow morning.
ā¢ 10 million POL sent to Binanceāeven at a $400,000 loss, the whale is moving it out
ChainCatcher cited on-chain data showing that a whale transferred 10 million POL to Binance. If sold at the current price, the whale would take a real loss of nearly $400,000.
For comparison, over the past 24 hours POL is down 0.09%, while BTC is up 0.15% over the same period (checked live on Kraken for this report), underperforming by 0.24 percentage pointsāthe selling pressure is already showing up in its relative weakness.
š¬ Take: Sending the tokens to an exchange despite a $400,000 loss signals a strong willingness to sell. Exchange inflows donāt mean the tokens have already been sold, but the sell-pressure warning has been sounded. POL holders should avoid catching a falling knife in the short term.
ā£ $158 million liquidated in 24 hoursālongs and shorts both wiped out
A total of $158 million was liquidated across the market over the past 24 hours: $73.92 million in long positions and $84.57 million in short positionsāthe shorts got hit even harder than the longs.
This is a classic choppy market: BTC is currently at $82,811 (up about 0.15% over 24 hours), and ETH is at $2,496 (up about 0.22%). Both are making small recoveries, but traders chasing rallies or selling into dips on either side have been wiped out.
š¬ Take: When the marketās direction is unclear, the costliest move is adding leverage and chasing the trend. If youāre holding spot, you can sleep easy tonight.
(Liquidation data from ChainCatcher; prices checked live on Kraken at 19:43 for this report)
Those 10 million POLādo you bet the whale dumps them tonight, or sells them gradually? Place your bets in the comments š
$BTC $ETH $POL #åøå®å¹æåŗ #TonightāsBigStories