$80,000 reclaimed.
BTC surged to $80,510 in an hour, up 4.2% over 24 hours. Shorts worth $269 million were liquidated in that hour. Total liquidations across the market hit $933 million, wiping out 120,000 traders. Of all $BTC liquidations, 96.4% were short positions—a textbook short squeeze, with the midterm election results serving as the trigger. $ETH bounced back too, with $124 million in liquidations, also mostly shorts.
Even more interesting is what Binance did. Last week it was hit by North Korean hackers who made off with $6.3 billion; this week, it turned around and announced a $100 million investment in Circle. Circle’s Q3 results were solid: revenue of $865 million, beating expectations; $USDC captured 79% of all stablecoin trading volume; on-chain settlements reached $13.9 trillion, up 49% year over year; and daily minting and redemptions alone amounted to $2.3 billion. More than 100 institutions are building on the Arc mainnet, and with the GENIUS Act taking effect in January, the case for compliant stablecoins is getting stronger and stronger.
My take: The exchange hack didn’t destroy trust; instead, it pushed capital toward a more compliant tier. Old money took a hit but didn’t leave—it just found a different way to get back in.
A couple of reminders: Brent crude has fallen below $99, and easing geopolitical tensions are giving inflation some breathing room. But expectations of a rate hike in December are still hovering around 70–80%. For now, treat this move as short covering, and don’t rush to chase the rally.
NFA DYOR
#比特币 #稳定币 #空头挤压 #中期选举 #cryptocurrency
BTC surged to $80,510 in an hour, up 4.2% over 24 hours. Shorts worth $269 million were liquidated in that hour. Total liquidations across the market hit $933 million, wiping out 120,000 traders. Of all $BTC liquidations, 96.4% were short positions—a textbook short squeeze, with the midterm election results serving as the trigger. $ETH bounced back too, with $124 million in liquidations, also mostly shorts.
Even more interesting is what Binance did. Last week it was hit by North Korean hackers who made off with $6.3 billion; this week, it turned around and announced a $100 million investment in Circle. Circle’s Q3 results were solid: revenue of $865 million, beating expectations; $USDC captured 79% of all stablecoin trading volume; on-chain settlements reached $13.9 trillion, up 49% year over year; and daily minting and redemptions alone amounted to $2.3 billion. More than 100 institutions are building on the Arc mainnet, and with the GENIUS Act taking effect in January, the case for compliant stablecoins is getting stronger and stronger.
My take: The exchange hack didn’t destroy trust; instead, it pushed capital toward a more compliant tier. Old money took a hit but didn’t leave—it just found a different way to get back in.
A couple of reminders: Brent crude has fallen below $99, and easing geopolitical tensions are giving inflation some breathing room. But expectations of a rate hike in December are still hovering around 70–80%. For now, treat this move as short covering, and don’t rush to chase the rally.
NFA DYOR
#比特币 #稳定币 #空头挤压 #中期选举 #cryptocurrency