There’s a signal worth paying attention to in tonight’s market: prices are still falling, but the selling pressure has changed.
Bitcoin fell below $69,000 today. In the past 24 hours, $1.41 billion in positions were liquidated; 89% were long positions, and 172,000 people were liquidated—a textbook panic-driven cascade. But on the other hand, ETF outflows are slowing: on November 12, outflows totaled just $47.7 million, compared with an average of $211 million a day over the previous five trading days. The outflows haven’t stopped, but the tap is being turned down.
My take is that the nature of this downturn is changing: from an organized institutional retreat to a chain reaction of retail leverage liquidations. Stablecoin supply has shrunk by $14.2 billion over the past 30 days, the biggest drop since June 2022. Real money in the over-the-counter market is still dwindling—that hasn’t changed. So don’t rush to buy the dip just because outflows are slowing. You can’t confirm a bottom in a single day.
As someone who has bills to pay every month, I stick to one rule: in a liquidation cascade, the most dangerous thing isn’t the drop—it’s the urge to catch a falling knife.
Do you think slowing outflows are the start of stabilization, or just a breather before the storm?
$BTC $ETH
This is not investment advice. Make your own judgment.
Bitcoin fell below $69,000 today. In the past 24 hours, $1.41 billion in positions were liquidated; 89% were long positions, and 172,000 people were liquidated—a textbook panic-driven cascade. But on the other hand, ETF outflows are slowing: on November 12, outflows totaled just $47.7 million, compared with an average of $211 million a day over the previous five trading days. The outflows haven’t stopped, but the tap is being turned down.
My take is that the nature of this downturn is changing: from an organized institutional retreat to a chain reaction of retail leverage liquidations. Stablecoin supply has shrunk by $14.2 billion over the past 30 days, the biggest drop since June 2022. Real money in the over-the-counter market is still dwindling—that hasn’t changed. So don’t rush to buy the dip just because outflows are slowing. You can’t confirm a bottom in a single day.
As someone who has bills to pay every month, I stick to one rule: in a liquidation cascade, the most dangerous thing isn’t the drop—it’s the urge to catch a falling knife.
Do you think slowing outflows are the start of stabilization, or just a breather before the storm?
$BTC $ETH
This is not investment advice. Make your own judgment.