The day 173,000 traders were liquidated, whales were adding to their positions
Over the past 24 hours, $810 million in crypto positions were wiped out. 173,000 traders were liquidated, 85% of them in long positions.
The biggest liquidation was on Binance: $9.65 million, at a price of 81,772.
Meanwhile, on the other side of the market, Bitmine bought another 12,532 ETH last week, bringing its holdings to 6.028 million ETH, or 4.9% of Ethereum’s total supply. It has staked 84% of its holdings, generating annualized revenue of $336 million.
Arkham also disclosed another figure: Justin Sun’s on-chain assets have reached $2.25 billion, making him the world’s second-largest whale, behind only Satoshi Nakamoto.
My take is that these two things aren’t contradictory. It’s leverage that’s getting wiped out.
With 85% of liquidations coming from longs, it’s not that bullish traders got the direction completely wrong; their positions were wrong. At the same price, someone using 10x leverage was liquidated at 81,772, while someone without leverage was buying at that very same price.
Leverage determines whether you survive; direction only determines how much you make.
There’s another set of numbers to consider. U.S. spot Bitcoin ETFs saw net outflows of $681 million last week, while Ethereum ETFs saw $542 million in outflows. The 10-year Treasury yield is above 5.24%.
Institutions are pulling out, whales are buying, and retail traders are getting liquidated. These three groups are operating on completely different time horizons.
What I’m not sure about is how long Bitmine will take to buy those 76,000 ETH. It says it will stop at 5%. At last week’s pace, that would take about six weeks—but those 12,532 ETH were bought when Bitmine chose to buy, not on a fixed schedule.
I’m watching two things: whether the 81,300–82,000 support zone holds, and when the funding rate turns negative. A negative funding rate would be the real sign that leverage has cleared out.
Were you caught in the liquidation sweep this time, or did you avoid it? Let me know.
$BTC $ETH #币安广场 #BTC #ETH #MarketObservation
Over the past 24 hours, $810 million in crypto positions were wiped out. 173,000 traders were liquidated, 85% of them in long positions.
The biggest liquidation was on Binance: $9.65 million, at a price of 81,772.
Meanwhile, on the other side of the market, Bitmine bought another 12,532 ETH last week, bringing its holdings to 6.028 million ETH, or 4.9% of Ethereum’s total supply. It has staked 84% of its holdings, generating annualized revenue of $336 million.
Arkham also disclosed another figure: Justin Sun’s on-chain assets have reached $2.25 billion, making him the world’s second-largest whale, behind only Satoshi Nakamoto.
My take is that these two things aren’t contradictory. It’s leverage that’s getting wiped out.
With 85% of liquidations coming from longs, it’s not that bullish traders got the direction completely wrong; their positions were wrong. At the same price, someone using 10x leverage was liquidated at 81,772, while someone without leverage was buying at that very same price.
Leverage determines whether you survive; direction only determines how much you make.
There’s another set of numbers to consider. U.S. spot Bitcoin ETFs saw net outflows of $681 million last week, while Ethereum ETFs saw $542 million in outflows. The 10-year Treasury yield is above 5.24%.
Institutions are pulling out, whales are buying, and retail traders are getting liquidated. These three groups are operating on completely different time horizons.
What I’m not sure about is how long Bitmine will take to buy those 76,000 ETH. It says it will stop at 5%. At last week’s pace, that would take about six weeks—but those 12,532 ETH were bought when Bitmine chose to buy, not on a fixed schedule.
I’m watching two things: whether the 81,300–82,000 support zone holds, and when the funding rate turns negative. A negative funding rate would be the real sign that leverage has cleared out.
Were you caught in the liquidation sweep this time, or did you avoid it? Let me know.
$BTC $ETH #币安广场 #BTC #ETH #MarketObservation