1.8 billion leverage liquidation: Is the "final washout" of the crypto market or the prelude to a bear market?
Last night, the crypto market experienced a shocking scene: within 24 hours, nearly 1.8 billion US dollars in leveraged positions were wiped out, affecting 370,000 traders! According to CoinGlass data, Ethereum and Bitcoin bulls were the first to be hit, followed by a collapse of altcoins, leading to a total market value evaporation of 150 billion US dollars, with BTC dropping below 112,000 US dollars and ETH sliding below 4,150 US dollars—this is the largest correction since mid-August.
Why does it always step on mines during a "bull" phase? Leveraged trading is essentially a double-edged sword: it amplifies profits and human greed. Under the "illusion of prosperity" with a total market value of 3.95 trillion US dollars, altcoin leverage far exceeds BTC (with ETH liquidations exceeding 500 million US dollars, twice that of BTC), and once a breakout fails, the chain reaction topples like dominoes. Raoul Pal pointed out: "Crypto always loves to leverage early; the first round fails and the entire army is wiped out, only then comes the real breakthrough—what's left for the retail investors is only the scraps."
Historical data supports this: in the past 13 Septembers, BTC fell 8 times, but this month has only dropped by 4%, and October often sees a strong rebound. Tony Sycamore analyzes that the technical aspect needs to pull back to the support of 105,000-100,000 US dollars (including the 200-day moving average of 103.7k), shaking off the "weak hands" to pave the way for a year-end sprint. Nassar Achkar added: the Fed's easing expectations are favorable for risk assets; this is a short-term adjustment, not a shift from bull to bear.
Rationally speaking, this is not the end of the world, but the "final washout." If your position is stable, you might as well observe the support level to buy in; for leveragers? First stop loss to preserve capital. Crypto is inherently volatile; endure the pain to see the dawn.
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