Over $1B in leveraged crypto bets just got wiped out. 📉
Bitcoin flash-crashed to around $73,761, its lowest level since August, before bouncing back above $75K. Longs took the biggest hit, with roughly $913M of the liquidations.
The damage spread fast:
• $ETH slipped under $2,100
• $XRP dropped below $1.10
• $SOL fell under $90
What's driving it? $1.28B in weekly Bitcoin ETF outflows, a Wall Street tech sell-off and strong jobs data that's cooling rate-cut hopes.
There's one more knock-on effect. BTC is now trading below Strategy's average buy price of $75,451, which puts Saylor's company about $1B in unrealised losses. A month ago it was sitting on roughly $10B in gains.
$BTC is also heading for a rare fifth straight red week, with US CPI data due Tuesday.
Is this the flush that resets leverage before a bounce, or the start of a deeper move? 🤔
#Bitcoin #Crypto #Strategy
Bitcoin flash-crashed to around $73,761, its lowest level since August, before bouncing back above $75K. Longs took the biggest hit, with roughly $913M of the liquidations.
The damage spread fast:
• $ETH slipped under $2,100
• $XRP dropped below $1.10
• $SOL fell under $90
What's driving it? $1.28B in weekly Bitcoin ETF outflows, a Wall Street tech sell-off and strong jobs data that's cooling rate-cut hopes.
There's one more knock-on effect. BTC is now trading below Strategy's average buy price of $75,451, which puts Saylor's company about $1B in unrealised losses. A month ago it was sitting on roughly $10B in gains.
$BTC is also heading for a rare fifth straight red week, with US CPI data due Tuesday.
Is this the flush that resets leverage before a bounce, or the start of a deeper move? 🤔
#Bitcoin #Crypto #Strategy
