I’m dying—yesterday’s market was a double-sided slap in the face.
Displayed on the page: ETH is around $2,425, up 6.5% in 24 hours; BTC is at $80,538, up 3.9%. ETH outran its big brother this time—not because it suddenly got its act together, but because the bears got carried out first.
The bears had bet on bad news as soon as the midterm elections came up, and at $75,700 they still thought they were safe. The bulls had just been shaken out near the lows, only to turn around and watch prices bounce back to $80,000. Chase it and you’re nervous; sit it out and you’re afraid of missing the move.
And the liquidation figures were even worse, according to Coinglass: $1 billion liquidated across the market in the past 24 hours, including $406 million in BTC and $244 million in ETH. Of the BTC liquidations, 76% were shorts. More than 130,000 people paid their tuition all at once, and the biggest hit was a $38 million ETH position on HTX. This wasn’t trading—it was a full-scale two-way harvest.
My take: short-term, the market is choppy with a bullish tilt. ETH could keep leading for a little while, but this bounce was driven by bears closing their positions, not fresh money coming in. I’m not chasing leverage, and I’m not calling a reversal.
What would make me admit I’m wrong? If ETH drops back below $2,300, or tomorrow’s nonfarm payrolls come in with a bang and push BTC back below $80,000, then my bullish bias is invalidated. I’ll own it.
What about you—were you on the liquidation side of yesterday’s move, or sitting on the sidelines with popcorn, laughing out loud?
Displayed on the page: ETH is around $2,425, up 6.5% in 24 hours; BTC is at $80,538, up 3.9%. ETH outran its big brother this time—not because it suddenly got its act together, but because the bears got carried out first.
The bears had bet on bad news as soon as the midterm elections came up, and at $75,700 they still thought they were safe. The bulls had just been shaken out near the lows, only to turn around and watch prices bounce back to $80,000. Chase it and you’re nervous; sit it out and you’re afraid of missing the move.
And the liquidation figures were even worse, according to Coinglass: $1 billion liquidated across the market in the past 24 hours, including $406 million in BTC and $244 million in ETH. Of the BTC liquidations, 76% were shorts. More than 130,000 people paid their tuition all at once, and the biggest hit was a $38 million ETH position on HTX. This wasn’t trading—it was a full-scale two-way harvest.
My take: short-term, the market is choppy with a bullish tilt. ETH could keep leading for a little while, but this bounce was driven by bears closing their positions, not fresh money coming in. I’m not chasing leverage, and I’m not calling a reversal.
What would make me admit I’m wrong? If ETH drops back below $2,300, or tomorrow’s nonfarm payrolls come in with a bang and push BTC back below $80,000, then my bullish bias is invalidated. I’ll own it.
What about you—were you on the liquidation side of yesterday’s move, or sitting on the sidelines with popcorn, laughing out loud?
