Last night I left you with a cliffhanger, saying I’d be back to check the score as soon as there was news from Nvidia’s board. Well, here’s the answer: Jensen Huang really did resign. The AI godfather, after 33 years, left the day after the board meeting—meeting Wednesday, gone Thursday. CFO Colette Kress is stepping in temporarily. NVDA plunged more than 13% after hours on the news, and it’s down nearly a quarter in a month.
$BTC was no quieter overnight, sliding all the way to 70,688—a three-month low. The 200-day moving average at 73,200 has long since become irrelevant. $ETH also briefly fell below 2,000, hitting a low of 1,983. Liquidations across the market hit $727 million in 24 hours, wiping out 125,000 traders. Nine out of ten were longs.
The ETF outflows haven’t let up either. On the 11th, another $300 million flowed out, bringing the five-day total to $1.44 billion. IBIT has seen outflows for nine straight days. Stablecoin supply has contracted by $6.6 billion over the past 60 days. Money is flowing out of the market.
PPI drops at 21:30 tonight. CPI was already hot, and if PPI comes in hotter too, a December rate hike becomes all but certain, with the odds at 90%. I’m bearish, but I’m not chasing shorts at these levels. 70,000 is the last fig leaf; if it doesn’t hold, we’re looking at 68,000. Even if it does hold, don’t rush to call a bottom.
Last week I said 73,200 was the last line of defense. Turns out that line was about as sturdy as wet paper. More than $700 million in longs have already been liquidated this week. If I were still calling for a buy-the-dip here, that wouldn’t be bravery—it’d be a bad memory.
#HuangExitNvidiaStrategyInFocus #BTC #CryptoNews
$BTC was no quieter overnight, sliding all the way to 70,688—a three-month low. The 200-day moving average at 73,200 has long since become irrelevant. $ETH also briefly fell below 2,000, hitting a low of 1,983. Liquidations across the market hit $727 million in 24 hours, wiping out 125,000 traders. Nine out of ten were longs.
The ETF outflows haven’t let up either. On the 11th, another $300 million flowed out, bringing the five-day total to $1.44 billion. IBIT has seen outflows for nine straight days. Stablecoin supply has contracted by $6.6 billion over the past 60 days. Money is flowing out of the market.
PPI drops at 21:30 tonight. CPI was already hot, and if PPI comes in hotter too, a December rate hike becomes all but certain, with the odds at 90%. I’m bearish, but I’m not chasing shorts at these levels. 70,000 is the last fig leaf; if it doesn’t hold, we’re looking at 68,000. Even if it does hold, don’t rush to call a bottom.
Last week I said 73,200 was the last line of defense. Turns out that line was about as sturdy as wet paper. More than $700 million in longs have already been liquidated this week. If I were still calling for a buy-the-dip here, that wouldn’t be bravery—it’d be a bad memory.
#HuangExitNvidiaStrategyInFocus #BTC #CryptoNews
