【That needle from a year ago still hasn’t been pulled all the way out 💥😱】
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More than 1.6 million accounts were wiped out overnight. Positions worth $19.16 billion were liquidated in 24 hours. One on-chain platform alone liquidated $10.3 billion in a single night. It was the biggest liquidation event in crypto history. A year later, it’s still the same old market. 💣
That night, $BTC plunged straight down from $121,000. At its lowest point intraday, it touched $102,000. It had just hit a new high of $126,000 in early October. A year later, the price still hasn’t returned to that peak. It’s now trading at around $82,700. 📉
The whole market has shrunk. Total crypto market capitalization has fallen to $2.88 trillion, down from $4.29 trillion a year ago. Altcoins have lost 40% of their value. Stablecoins have stopped growing, stuck at around $300 billion. Meanwhile, tokenized stocks on exchanges are booming. 🧊
Money is flowing out, and leverage is unwinding too. Open interest in perpetual futures across the market once peaked at $210 billion. By April this year, it had fallen to just $99.1 billion. BTC futures open interest shrank from $94 billion to $52 billion. Funding rates turned negative for months, with shorts briefly outweighing longs. ⚖️
What concerns me most is yield-bearing dollars. USDe in the $ETH ecosystem has shrunk dramatically—by two-thirds in a year. Its supply fell from $14.82 billion to $4.79 billion. On the night of October 11, it briefly dropped to $0.65. When this kind of product faces a run, lending pools get drained. 🏦
Some say the risk has finally been absorbed. I don’t see it that way. Prices are still being driven by perpetual contracts. Platforms are still pushing high-leverage products. Analysts say the conditions that could trigger another flash crash are still there. Leverage is an accelerator when prices are rising. 🧨
📌 A year later, the faces getting liquidated have changed, but the high-leverage playbook hasn’t.
Did your position survive the past year? Let’s talk in the comments.
Join Mr. X’s fan group chat on the profile page 🔥
More than 1.6 million accounts were wiped out overnight. Positions worth $19.16 billion were liquidated in 24 hours. One on-chain platform alone liquidated $10.3 billion in a single night. It was the biggest liquidation event in crypto history. A year later, it’s still the same old market. 💣
That night, $BTC plunged straight down from $121,000. At its lowest point intraday, it touched $102,000. It had just hit a new high of $126,000 in early October. A year later, the price still hasn’t returned to that peak. It’s now trading at around $82,700. 📉
The whole market has shrunk. Total crypto market capitalization has fallen to $2.88 trillion, down from $4.29 trillion a year ago. Altcoins have lost 40% of their value. Stablecoins have stopped growing, stuck at around $300 billion. Meanwhile, tokenized stocks on exchanges are booming. 🧊
Money is flowing out, and leverage is unwinding too. Open interest in perpetual futures across the market once peaked at $210 billion. By April this year, it had fallen to just $99.1 billion. BTC futures open interest shrank from $94 billion to $52 billion. Funding rates turned negative for months, with shorts briefly outweighing longs. ⚖️
What concerns me most is yield-bearing dollars. USDe in the $ETH ecosystem has shrunk dramatically—by two-thirds in a year. Its supply fell from $14.82 billion to $4.79 billion. On the night of October 11, it briefly dropped to $0.65. When this kind of product faces a run, lending pools get drained. 🏦
Some say the risk has finally been absorbed. I don’t see it that way. Prices are still being driven by perpetual contracts. Platforms are still pushing high-leverage products. Analysts say the conditions that could trigger another flash crash are still there. Leverage is an accelerator when prices are rising. 🧨
📌 A year later, the faces getting liquidated have changed, but the high-leverage playbook hasn’t.
Did your position survive the past year? Let’s talk in the comments.