Crypto Gets Absolutely Cooked with $1B Liquidated and 240,000 Traders Calling Quits…

If you ever needed a reminder that crypto is just Vegas for people who think they’re too smart for Vegas, this week delivered. The U.S. drops bombs on Iran, and suddenly $1 billion in crypto positions get vaporized with nearly a quarter million traders getting liquidated in a 24 hour window… a.k.a. That’s a ton of crypto mouth breathers wondering why “max leverage” sounded so good just two weeks ago. 

(Source: Giphy) 

In short, Bitcoin is getting absolutely rinsed, free falling to just above $99,300 (nearly -12% since its May 22nd highs). Ethereum is down to lows not seen since May, and Solana lost 8% in a day, where it’s now staring at “critical support.” Meanwhile, altcoins in general are getting cooked. Don’t believe me? Just open up coingecko and you’ll see a bloodbath on every corner. 

(Source: Economic Times) 

As for the week in a glance, total market caps were nuked $240 billion in a seven day period. That’s a Titanic-sized hole for a bunch of people who’ve been preaching “supercycles” and “institutional adoption.” Now it’s just a bunch of grown adults speedrunning the five stages of grief in Telegram groups.

Meanwhile, whales are out here dumping bags like it’s Black Friday at the liquidation bin. Glassnode says long-term holders coughed up $2B in BTC this month. Turns out “HODL” just means “hold until global politics kicks you in the teeth.” What’s more is that the biggest single liquidation was $8 million on Bybit. Translation: Tell me you’re scared sh*tless without telling me you’re scared sh*tless. 

(Source: FX Leaders) 

With that said, venture funding is still alive, somehow, but traders are clearly still shook. Prediction markets are basically betting on Bitcoin dipping below $95k before anyone even tries to call a reversal. Meaning, you can basically call off all trading until that point, because what prediction markets say is religion. Case in point: MAGA 2.0, baby. 

On the other hand, while everyone has been selling and running, one absolute sicko at AguilaTrades closed a $112k BTC short right in the middle of the carnage. That’s main character energy… and I for one would like to congratulate him on his savagery. In the end though, if you’re holding crypto and you are somehow surviving (both mentally and physically), you’re either psychic or too broke to have been in the game in the first place. Just kidding, I know we have some absolute dawgs here at Stocks.News who cash checks and snap necks in any market. #legends. 

(Source: Giphy) 

But for now, we are all getting a nice reminder on how volatile Bitcoin and its merry band of degenerate altcoins are. Meaning, keep your eyes on any more liquidations and place your bets accordingly. May the odds be in your favor, friends. Until next time… 

At the time of publishing, Stocks.News does not hold positions in companies mentioned in the article.