The AI leader changed hands overnight, and crypto liquidations topped $700 million—but leverage hasn’t really been flushed out yet.
📊 What happened last night: On November 12, Nvidia announced that Jensen Huang would immediately step down as president, CEO, and director. CFO Colette Kress will serve as interim CEO, and the board has begun its search for a successor. NVDA fell as much as 14% intraday, hitting a 52-week low. The anchor of the AI narrative has shifted, and risk assets across the board are shaking.
📊 Liquidation data: Around $720–750 million in liquidations across the market over 24 hours, including about $640 million in long positions—over 85%. BTC hit a low of around $71,200, its lowest in nearly 12 weeks; ETH briefly fell below $2,000, reaching a low of around $1,984. Longs got flushed out, but keep in mind—this wave of liquidations looks more like an emotional release than a full leverage reset.
📊 Positions haven’t been fully cleared: Total BTC open interest is around $50.8 billion, with CME at about $7.29 billion, or 14.4%. Binance BTC holdings are around 100,500 BTC, down just 1.3% over 24 hours. Funding rates are still positive, at about +0.01% per 8 hours, and longs still make up around 73% of Binance positions. K33 data: BTC perpetual open interest is 353k BTC, at the 99th percentile of the past two years. In plain English: positions are still very high, longs haven’t given up, and there’s still fuel for the next bout of volatility.
The mechanics are clear: Nvidia leadership upheaval → AI sector valuation reset → risk appetite contracts → highly leveraged longs get liquidated first. But liquidation volume is still too small relative to the size of open interest, suggesting this isn’t the endgame—more like halftime.
Three scenarios: Continued weakness: BTC tests the $68,000 area, while ETH holds $1,984; Choppy bottoming: BTC moves between $71,200 and $72,500, while ETH grinds between $1,984 and $2,100, awaiting Nvidia’s November 17 earnings; Sentiment recovers: mild PPI + steady Nvidia earnings, BTC reclaims $72,500, and ETH gets back above $2,100. Deribit’s maximum pain for the November 27 expiry is $78,000—a more distant target.
Do you think this wave of liquidations has cleared things out, or is it just halftime? Let us know in the comments.
#英伟达 #爆仓 #BTC
📊 What happened last night: On November 12, Nvidia announced that Jensen Huang would immediately step down as president, CEO, and director. CFO Colette Kress will serve as interim CEO, and the board has begun its search for a successor. NVDA fell as much as 14% intraday, hitting a 52-week low. The anchor of the AI narrative has shifted, and risk assets across the board are shaking.
📊 Liquidation data: Around $720–750 million in liquidations across the market over 24 hours, including about $640 million in long positions—over 85%. BTC hit a low of around $71,200, its lowest in nearly 12 weeks; ETH briefly fell below $2,000, reaching a low of around $1,984. Longs got flushed out, but keep in mind—this wave of liquidations looks more like an emotional release than a full leverage reset.
📊 Positions haven’t been fully cleared: Total BTC open interest is around $50.8 billion, with CME at about $7.29 billion, or 14.4%. Binance BTC holdings are around 100,500 BTC, down just 1.3% over 24 hours. Funding rates are still positive, at about +0.01% per 8 hours, and longs still make up around 73% of Binance positions. K33 data: BTC perpetual open interest is 353k BTC, at the 99th percentile of the past two years. In plain English: positions are still very high, longs haven’t given up, and there’s still fuel for the next bout of volatility.
The mechanics are clear: Nvidia leadership upheaval → AI sector valuation reset → risk appetite contracts → highly leveraged longs get liquidated first. But liquidation volume is still too small relative to the size of open interest, suggesting this isn’t the endgame—more like halftime.
Three scenarios: Continued weakness: BTC tests the $68,000 area, while ETH holds $1,984; Choppy bottoming: BTC moves between $71,200 and $72,500, while ETH grinds between $1,984 and $2,100, awaiting Nvidia’s November 17 earnings; Sentiment recovers: mild PPI + steady Nvidia earnings, BTC reclaims $72,500, and ETH gets back above $2,100. Deribit’s maximum pain for the November 27 expiry is $78,000—a more distant target.
Do you think this wave of liquidations has cleared things out, or is it just halftime? Let us know in the comments.
#英伟达 #爆仓 #BTC