#以太坊清算额达3.56亿美元
Damn, what a brutal plunge. Ethereum got hit even harder than Bitcoin this time, with bulls getting liquidated to the tune of $356 million!
According to CoinGlass data, over the past 24 hours, $ETH saw about $356 million in liquidations, more than BTC’s $298 million.
Liquidations across the entire market came close to $1.19 billion, with more than $1 billion of that coming from long positions.
This was basically a major washout of bulls. Those who were still betting on a rebound got wiped out when their leveraged positions couldn’t hold up, and the market swept them away.
What made it even worse was that when ETH fell to around $2,490, spot ETF inflows didn’t come to the rescue either.
From September 29 to October 8, U.S. spot ETH ETFs saw cumulative net outflows of about $640 million.
Longs were getting liquidated, and ETF money was pulling out too. This time, ETH really had no one in its corner.
Later, as geopolitical tensions eased somewhat, BTC rebounded to around $82,400, and shorts started getting squeezed too.
But what worries me most right now is that a lot of people are treating liquidations as a sign that the bottom is in, thinking that once the longs have been flushed out, a rebound must follow.
The problem is that liquidations only mean leverage has been cleared out. They don’t mean new money is willing to come in and buy the dip.
So for now, I’m not rushing to buy the dip in ETH.
First, let’s see whether it can truly hold above $2,500, then whether spot buying and ETF inflows return.
If the rebound still comes with weak volume and money keeps flowing out, then things could stay choppy for a while yet.
People used to call ETH the crypto market’s number-two coin. Now it can barely lift its head when prices rise, but comes out swinging when liquidations hit. 😂
$ETH $BTC
Damn, what a brutal plunge. Ethereum got hit even harder than Bitcoin this time, with bulls getting liquidated to the tune of $356 million!
According to CoinGlass data, over the past 24 hours, $ETH saw about $356 million in liquidations, more than BTC’s $298 million.
Liquidations across the entire market came close to $1.19 billion, with more than $1 billion of that coming from long positions.
This was basically a major washout of bulls. Those who were still betting on a rebound got wiped out when their leveraged positions couldn’t hold up, and the market swept them away.
What made it even worse was that when ETH fell to around $2,490, spot ETF inflows didn’t come to the rescue either.
From September 29 to October 8, U.S. spot ETH ETFs saw cumulative net outflows of about $640 million.
Longs were getting liquidated, and ETF money was pulling out too. This time, ETH really had no one in its corner.
Later, as geopolitical tensions eased somewhat, BTC rebounded to around $82,400, and shorts started getting squeezed too.
But what worries me most right now is that a lot of people are treating liquidations as a sign that the bottom is in, thinking that once the longs have been flushed out, a rebound must follow.
The problem is that liquidations only mean leverage has been cleared out. They don’t mean new money is willing to come in and buy the dip.
So for now, I’m not rushing to buy the dip in ETH.
First, let’s see whether it can truly hold above $2,500, then whether spot buying and ETF inflows return.
If the rebound still comes with weak volume and money keeps flowing out, then things could stay choppy for a while yet.
People used to call ETH the crypto market’s number-two coin. Now it can barely lift its head when prices rise, but comes out swinging when liquidations hit. 😂
$ETH $BTC