TSLA PERPS CRASHED FROM 380 TO 357 OVERNIGHT
While Wall Street slept crypto traders killed the Roadster rally
Overnight Thursday Tesla perps on Hyperliquid ripped 5 percent to 380 on 47M an hour of volume after Musk unveiled the flying Roadster
By Saturday the same contracts sat at 357 down 1 percent on the day
That is below where the whole move started
The gap faded before equity markets even reopened
Binance turned out to be the real venue here
Its Tesla contract did 564M in 24h volume against 248M on Hyperliquid per RootData
Hyperliquid still leads open interest at 80M versus 65M on Binance
Translation traders are holding exposure on Hyperliquid and churning it on Binance
Friday was the worst equity session since early October
The SP500 fell 3 percent and the Nasdaq 4 percent
Nvidia dropped 6 percent and Micron 13 percent
A hot jobs report revived talk of a Fed hike this year
Tesla fell 2 percent to 355 and the flying car could not save it
Here is what actually matters next
Tesla reports Q3 after the close on October 21
Consensus wants about 43 cents against a 33 cent miss last quarter
Deliveries already beat at 486532 cars
Margins are the fight after auto gross margin ex credits slid to 16 percent
And do not forget Tesla itself holds 8430 BTC worth about 960M
It is one of us
My read
Crypto priced this as a brand flex on Thursday night and priced it right
The perp market is now the front line for earnings
If the contract breaks above 383 before October 21 my fade thesis is dead
Below that I am betting on the macro drag winning
One question before the Wednesday bell
What breaks first 383 or 350
$TSLA $BTC
#BinanceSquare #WriteToEarn #Crypto #Bitcoin #TeslaPerps
While Wall Street slept crypto traders killed the Roadster rally
Overnight Thursday Tesla perps on Hyperliquid ripped 5 percent to 380 on 47M an hour of volume after Musk unveiled the flying Roadster
By Saturday the same contracts sat at 357 down 1 percent on the day
That is below where the whole move started
The gap faded before equity markets even reopened
Binance turned out to be the real venue here
Its Tesla contract did 564M in 24h volume against 248M on Hyperliquid per RootData
Hyperliquid still leads open interest at 80M versus 65M on Binance
Translation traders are holding exposure on Hyperliquid and churning it on Binance
Friday was the worst equity session since early October
The SP500 fell 3 percent and the Nasdaq 4 percent
Nvidia dropped 6 percent and Micron 13 percent
A hot jobs report revived talk of a Fed hike this year
Tesla fell 2 percent to 355 and the flying car could not save it
Here is what actually matters next
Tesla reports Q3 after the close on October 21
Consensus wants about 43 cents against a 33 cent miss last quarter
Deliveries already beat at 486532 cars
Margins are the fight after auto gross margin ex credits slid to 16 percent
And do not forget Tesla itself holds 8430 BTC worth about 960M
It is one of us
My read
Crypto priced this as a brand flex on Thursday night and priced it right
The perp market is now the front line for earnings
If the contract breaks above 383 before October 21 my fade thesis is dead
Below that I am betting on the macro drag winning
One question before the Wednesday bell
What breaks first 383 or 350
$TSLA $BTC
#BinanceSquare #WriteToEarn #Crypto #Bitcoin #TeslaPerps