Woke up and saw The Block: Wall Street’s tech selloff spilled over into crypto, wiping out most of the rally after the midterm elections.
$BTC fell about 6% to around $75,700 (with an intraday low of about $75,600), while $ETH dropped more than 7% to around $2,247. According to CoinGlass, liquidations totaled about $1.09 billion over the past 24 hours, affecting roughly 211,000 traders. About $880 million was liquidated in just four hours, including around $819 million in long positions and $61 million in shorts. Meanwhile, the Nasdaq fell about 4.7%, and the VIX jumped roughly 60%.
Wintermute thinks Wednesday’s surge above $80,000 was short-lived optimism driven by a combination of easing fears over the Binance hack, election sentiment, and expectations of a slowdown in AI spending. Macro pressures haven’t gone away. They’re watching $73,000 and $68,000 next, and say BTC needs to hold above $80,000 before they turn bullish again.
The election buzz has faded, and leveraged traders are paying the price first. #$BTC #$ETH #liquidations
$BTC fell about 6% to around $75,700 (with an intraday low of about $75,600), while $ETH dropped more than 7% to around $2,247. According to CoinGlass, liquidations totaled about $1.09 billion over the past 24 hours, affecting roughly 211,000 traders. About $880 million was liquidated in just four hours, including around $819 million in long positions and $61 million in shorts. Meanwhile, the Nasdaq fell about 4.7%, and the VIX jumped roughly 60%.
Wintermute thinks Wednesday’s surge above $80,000 was short-lived optimism driven by a combination of easing fears over the Binance hack, election sentiment, and expectations of a slowdown in AI spending. Macro pressures haven’t gone away. They’re watching $73,000 and $68,000 next, and say BTC needs to hold above $80,000 before they turn bullish again.
The election buzz has faded, and leveraged traders are paying the price first. #$BTC #$ETH #liquidations
