Today, $BTC fell to a low of $62,006, while $ETH fell to a low of $1,711;
Yesterday, liquidations across the entire crypto market totaled $2.125 billion, with 336,900 people liquidated; more than 90% of the positions were longs;
Over the past two days, the Aave protocol’s lending market saw approximately $39M in liquidations;
Over the past ten days, the global cryptocurrency market cap shrank by 21.2%, or approximately $571 billion.
A string of alarming figures. Market sentiment has become extremely fearful. After BTC fell below its 200-day moving average, liquidations kicked in, bringing in new shorts. The further prices fall, the more people flee; and the more they flee, the further prices drop. On top of that, the market is under pressure from all sides:
ETF outflows continue;
Expectations of US interest rate hikes keep rising;
The US dollar and Treasury yields continue to strengthen;
Risk appetite continues to decline.
In this market, A Jian can hardly find any bullish signals. It even feels like a third phase of sharp declines may be just around the corner, because the market needs more than just a recovery in sentiment—it needs to find real spot demand to step back in.
All in all, it’s tough, tough, tough!
Yesterday, liquidations across the entire crypto market totaled $2.125 billion, with 336,900 people liquidated; more than 90% of the positions were longs;
Over the past two days, the Aave protocol’s lending market saw approximately $39M in liquidations;
Over the past ten days, the global cryptocurrency market cap shrank by 21.2%, or approximately $571 billion.
A string of alarming figures. Market sentiment has become extremely fearful. After BTC fell below its 200-day moving average, liquidations kicked in, bringing in new shorts. The further prices fall, the more people flee; and the more they flee, the further prices drop. On top of that, the market is under pressure from all sides:
ETF outflows continue;
Expectations of US interest rate hikes keep rising;
The US dollar and Treasury yields continue to strengthen;
Risk appetite continues to decline.
In this market, A Jian can hardly find any bullish signals. It even feels like a third phase of sharp declines may be just around the corner, because the market needs more than just a recovery in sentiment—it needs to find real spot demand to step back in.
All in all, it’s tough, tough, tough!