$BTC fell below 74,000, $ETH fell below 2,100: What exactly happened tonight?
The takeaway first:
This wasn’t a crash—it was a double whammy of “macroeconomic data + leveraged liquidations.”
🔍 Step 1: The trigger
October CPI rose 0.4% month over month, while core CPI rose 0.3%.
Just 0.1% higher, but it landed right on the Fed’s hawkish threshold.
The market immediately priced in a December rate hike with near certainty.
🔍 Step 2: Market reaction
The dollar and Treasury yields rose, while gold and Nasdaq futures fell.
Among risk assets, crypto is the most volatile, so it was hit first.
🔍 Step 3: On-chain cascade
A chain reaction of long liquidations was triggered.
BTC wicked down to 73,500; ETH tested 2,000.
Thinly traded meme coins and altcoins saw amplified losses.
🔍 A seasoned trader’s perspective
There are two things to fear most on a night like this:
First, using leverage to buy the dip; second, making emotional trades.
🔍 Watch these three things next
• 11/13 PPI
• 12/9 rate decision
• Whether liquidations have run their course and Funding turns negative
Whether prices can recover depends first on whether the leverage has been fully flushed out. $ZEC
The takeaway first:
This wasn’t a crash—it was a double whammy of “macroeconomic data + leveraged liquidations.”
🔍 Step 1: The trigger
October CPI rose 0.4% month over month, while core CPI rose 0.3%.
Just 0.1% higher, but it landed right on the Fed’s hawkish threshold.
The market immediately priced in a December rate hike with near certainty.
🔍 Step 2: Market reaction
The dollar and Treasury yields rose, while gold and Nasdaq futures fell.
Among risk assets, crypto is the most volatile, so it was hit first.
🔍 Step 3: On-chain cascade
A chain reaction of long liquidations was triggered.
BTC wicked down to 73,500; ETH tested 2,000.
Thinly traded meme coins and altcoins saw amplified losses.
🔍 A seasoned trader’s perspective
There are two things to fear most on a night like this:
First, using leverage to buy the dip; second, making emotional trades.
🔍 Watch these three things next
• 11/13 PPI
• 12/9 rate decision
• Whether liquidations have run their course and Funding turns negative
Whether prices can recover depends first on whether the leverage has been fully flushed out. $ZEC
