Why did Bitcoin and Ethereum take such a big hit over the weekend?
The worst part of Bitcoin and Ethereum’s weekend plunge wasn’t the size of the drop—it was that the liquidation lists were almost entirely made up of long positions.
Bitcoin fell 9% in 24 hours, while Ethereum did even worse, plunging 11% straight to 1715. Nearly $1.9 billion in positions were liquidated: $684 million in Bitcoin and $466 million in Ethereum. Almost all of those liquidations were long positions.
Why did it crash specifically over the weekend? In a nutshell: the institutional big shots don’t work weekends, and the order book is as thin as paper. One somewhat large sell order can smash through the price, and once automated liquidations kick in, longs liquidate longs in a cascading stampede.
Then there were several other man-made factors.
AI and semiconductor stocks had already taken a hit, and Asian retail investors faced margin calls, leaving them no choice but to sell crypto to cover their stock positions. Anthropic’s IPO is just around the corner, and some people sold crypto early to scrape together money for subscriptions.
Once the funds from that $6.3 billion theft were recovered, some people immediately converted them into stablecoins and ran. Meanwhile, expectations for Fed rate cuts are still cooling, and there was already nobody willing to buy risk assets.
For intraday trading: don’t buy the dip. Ethereum at 1715 isn’t “cheap”—it’s weak, with not even a decent rebound in sight.
Today, there’s only one thing to do intraday: wait for Bitcoin to rebound into the 63000 to 6400 range. If it can’t break higher, go short in the same direction; for Ethereum, watch resistance around 1750 to 1770. Don’t fall in love with weekend wicks. They’re there to skewer the bulls, not to give you a warm hug. $BTC $ETH $SOL #加密美股齐跌，下轮反弹的驱动力在哪？ #比特币活跃供应盈利占比跌破45% #加息预期仍强，FOMC纪要会否再添鹰派信号？
The worst part of Bitcoin and Ethereum’s weekend plunge wasn’t the size of the drop—it was that the liquidation lists were almost entirely made up of long positions.
Bitcoin fell 9% in 24 hours, while Ethereum did even worse, plunging 11% straight to 1715. Nearly $1.9 billion in positions were liquidated: $684 million in Bitcoin and $466 million in Ethereum. Almost all of those liquidations were long positions.
Why did it crash specifically over the weekend? In a nutshell: the institutional big shots don’t work weekends, and the order book is as thin as paper. One somewhat large sell order can smash through the price, and once automated liquidations kick in, longs liquidate longs in a cascading stampede.
Then there were several other man-made factors.
AI and semiconductor stocks had already taken a hit, and Asian retail investors faced margin calls, leaving them no choice but to sell crypto to cover their stock positions. Anthropic’s IPO is just around the corner, and some people sold crypto early to scrape together money for subscriptions.
Once the funds from that $6.3 billion theft were recovered, some people immediately converted them into stablecoins and ran. Meanwhile, expectations for Fed rate cuts are still cooling, and there was already nobody willing to buy risk assets.
For intraday trading: don’t buy the dip. Ethereum at 1715 isn’t “cheap”—it’s weak, with not even a decent rebound in sight.
Today, there’s only one thing to do intraday: wait for Bitcoin to rebound into the 63000 to 6400 range. If it can’t break higher, go short in the same direction; for Ethereum, watch resistance around 1750 to 1770. Don’t fall in love with weekend wicks. They’re there to skewer the bulls, not to give you a warm hug. $BTC $ETH $SOL #加密美股齐跌，下轮反弹的驱动力在哪？ #比特币活跃供应盈利占比跌破45% #加息预期仍强，FOMC纪要会否再添鹰派信号？
