guys $CYS just had a brutal few hours 📉
price fell from around 1.8 down to 0.8 in about a day that is over 50% wiped and the liquidation map shows exactly why once price broke below 1.5 it swept through a thick stack of long liquidations all the way down each level it hit added more forced selling into the drop
on the wallet side KuCoin moved CYS internally several times today over 7.5 million dollars worth between their own hot wallets plus one 1.3 million dollar transfer out to a DeFi vault
I am not going to say the wallet moves caused the crash I cannot prove that what I can say is longs got trapped and liquidated in waves and that is what actually accelerated the fall
this is a hard lesson in why leverage without a tight stop gets punished fast in moves like this
anyone still holding $CYS through this or did you get caught in the liquidation wave 📉
price fell from around 1.8 down to 0.8 in about a day that is over 50% wiped and the liquidation map shows exactly why once price broke below 1.5 it swept through a thick stack of long liquidations all the way down each level it hit added more forced selling into the drop
on the wallet side KuCoin moved CYS internally several times today over 7.5 million dollars worth between their own hot wallets plus one 1.3 million dollar transfer out to a DeFi vault
I am not going to say the wallet moves caused the crash I cannot prove that what I can say is longs got trapped and liquidated in waves and that is what actually accelerated the fall
this is a hard lesson in why leverage without a tight stop gets punished fast in moves like this
anyone still holding $CYS through this or did you get caught in the liquidation wave 📉