The latest news, brought together: market sentiment is cautious.
On the macro policy front, Fed official Logan struck a hawkish tone, saying that excessive inflation is unacceptable and that the Fed still needs to raise rates at least twice more, by 25 basis points each time. She also noted that the pace of rate hikes this winter could be faster than previously expected. That’s not good news for risk assets, and the recent short-term pressure on $BTC is partly related to this backdrop.
As for market moves, $BTC fell below $73,000, hitting its lowest level since September, with a 24-hour decline of 3.31%. According to Coinglass, liquidations across the crypto market totaled $636 million over the past 24 hours, including $510 million in long positions and $126 million in short positions—longs took a particularly heavy hit. The liquidation map also shows that if $BTC falls below $71,000, the cumulative liquidation intensity for long positions across major CEXs will reach $602 million. Conversely, a break above $75,000 would trigger $480 million in short liquidations. There are plenty of positions on both sides that could be forcibly closed.
In U.S. stocks, NVDA’s intraday losses widened to 5%. Weakness in tech stocks and a pullback in risk appetite in crypto seem to be part of the same trend.
One AI-sector development worth noting: Anthropic disclosed in its S-1 filing that it has 5,300 employees. Estimates suggest around 4,250 could become millionaires if the company goes public—about 80% of its workforce. This isn’t directly related to the secondary market, but it shows that the wealth-creation effect of equity compensation at AI companies is continuing.
Overall, a hawkish macro backdrop, BTC breaking down, and leveraged longs being liquidated are all combining to keep short-term volatility risk elevated. Keep a close eye on where liquidation clusters are concentrated when managing positions.
Do you think this BTC pullback is mainly driven by macro pressure, or is the unwinding of leveraged positions not over yet?
On the macro policy front, Fed official Logan struck a hawkish tone, saying that excessive inflation is unacceptable and that the Fed still needs to raise rates at least twice more, by 25 basis points each time. She also noted that the pace of rate hikes this winter could be faster than previously expected. That’s not good news for risk assets, and the recent short-term pressure on $BTC is partly related to this backdrop.
As for market moves, $BTC fell below $73,000, hitting its lowest level since September, with a 24-hour decline of 3.31%. According to Coinglass, liquidations across the crypto market totaled $636 million over the past 24 hours, including $510 million in long positions and $126 million in short positions—longs took a particularly heavy hit. The liquidation map also shows that if $BTC falls below $71,000, the cumulative liquidation intensity for long positions across major CEXs will reach $602 million. Conversely, a break above $75,000 would trigger $480 million in short liquidations. There are plenty of positions on both sides that could be forcibly closed.
In U.S. stocks, NVDA’s intraday losses widened to 5%. Weakness in tech stocks and a pullback in risk appetite in crypto seem to be part of the same trend.
One AI-sector development worth noting: Anthropic disclosed in its S-1 filing that it has 5,300 employees. Estimates suggest around 4,250 could become millionaires if the company goes public—about 80% of its workforce. This isn’t directly related to the secondary market, but it shows that the wealth-creation effect of equity compensation at AI companies is continuing.
Overall, a hawkish macro backdrop, BTC breaking down, and leveraged longs being liquidated are all combining to keep short-term volatility risk elevated. Keep a close eye on where liquidation clusters are concentrated when managing positions.
Do you think this BTC pullback is mainly driven by macro pressure, or is the unwinding of leveraged positions not over yet?