Yesterday, 200,000 people got liquidated for $1.05 billion.
$BTC dipped as low as $75,400, down more than 5% in 24 hours and its lowest level since September 16.
The root cause isn’t in crypto.
U.S. AI stocks crashed first, with the Nasdaq falling 4.7% in a day, and the panic spread straight over.
Crypto got dragged down with them, and 88% of the liquidations were long positions.
At 4 p.m. today, $2.65 billion in Deribit $BTC options expire and settle.
Max pain is at $79,000, still some distance from the current price.
I haven’t opened a position, and I’m not trying to call the bottom.
This time, the fire started outside and spread in.
We’ll see what happens when U.S. markets open tonight—do you think the fire’s out?
#Bitcoin
$BTC dipped as low as $75,400, down more than 5% in 24 hours and its lowest level since September 16.
The root cause isn’t in crypto.
U.S. AI stocks crashed first, with the Nasdaq falling 4.7% in a day, and the panic spread straight over.
Crypto got dragged down with them, and 88% of the liquidations were long positions.
At 4 p.m. today, $2.65 billion in Deribit $BTC options expire and settle.
Max pain is at $79,000, still some distance from the current price.
I haven’t opened a position, and I’m not trying to call the bottom.
This time, the fire started outside and spread in.
We’ll see what happens when U.S. markets open tonight—do you think the fire’s out?
#Bitcoin
