Can't even get a quiet weekend.
Bitcoin briefly fell to 62,112 today, and Ethereum hit 1,711. You can't get liquidated and then just say “a little shakeout is good for you” and expect your blown-up positions to come back.
The Commercial Times cited Coinglass data today: as of 9 a.m. Beijing time, about $2 billion worth of positions had been liquidated across the market in the past 24 hours, most of them longs. About $1.3 billion in longs had already been wiped out the day before, and now here comes another round.
The worst thing is seeing a big drop and thinking, “Surely it has to bounce this time,” then adding more leverage as it keeps falling. Even if you end up calling the direction right, your position might not survive long enough to see it.
There's no shame in sitting out a trade at a time like this. Work half a day for pork knuckle rice, then hand it all back in one futures trade—what's the point?
$BTC $ETH
Bitcoin briefly fell to 62,112 today, and Ethereum hit 1,711. You can't get liquidated and then just say “a little shakeout is good for you” and expect your blown-up positions to come back.
The Commercial Times cited Coinglass data today: as of 9 a.m. Beijing time, about $2 billion worth of positions had been liquidated across the market in the past 24 hours, most of them longs. About $1.3 billion in longs had already been wiped out the day before, and now here comes another round.
The worst thing is seeing a big drop and thinking, “Surely it has to bounce this time,” then adding more leverage as it keeps falling. Even if you end up calling the direction right, your position might not survive long enough to see it.
There's no shame in sitting out a trade at a time like this. Work half a day for pork knuckle rice, then hand it all back in one futures trade—what's the point?
$BTC $ETH