$BTC plunged along with the Nasdaq last night, hitting an intraday low of about $75,568. Around $1 billion in liquidations occurred across the crypto market over 24 hours, about 89% of them from long positions (CoinGlass). This sell-off wasn't driven by crypto-specific bad news, but by the U.S. stocks AI sector: the Nasdaq Composite closed down 5.52%.
Here are three dates I'm watching:
Today at 16:00 (Beijing time): reportedly, about $2.65 billion worth of $BTC options expire, with max pain at around $79,000
November 17 (U.S. Eastern Time): Nvidia's earnings report, the next switch for sentiment around the AI sector
November 30: holders of Trump Media convertible bonds can demand repayment, involving about $1 billion. About 4,259 $BTC used as collateral were just transferred to an exchange address yesterday. The company hasn't said it plans to sell.
On-chain, all we can see is the transfer in; there's no sign of a sale. Whether they sell or not should become clear before November 30.
Not investment advice. DYOR.
Here are three dates I'm watching:
Today at 16:00 (Beijing time): reportedly, about $2.65 billion worth of $BTC options expire, with max pain at around $79,000
November 17 (U.S. Eastern Time): Nvidia's earnings report, the next switch for sentiment around the AI sector
November 30: holders of Trump Media convertible bonds can demand repayment, involving about $1 billion. About 4,259 $BTC used as collateral were just transferred to an exchange address yesterday. The company hasn't said it plans to sell.
On-chain, all we can see is the transfer in; there's no sign of a sale. Whether they sell or not should become clear before November 30.
Not investment advice. DYOR.
