Glassnode whispers that realized losses hit levels last seen in the November 2022 FTX fiasco-a moment that will be remembered, mainly because everyone lost sleep over it. This time, it’s almost all short-term holders running for their digital lives, unwinding faster than a cheap sweater.
In late 2024, the Bitcoin chart became a stage for a strange Western play. The US, in its trading hours, sent prices plummeting like a plow horse kicked in the ribs. “Is crypto winter back?” the crowd hollered, clutching their portfolios like a child clings to a security blanket.
Here, a transaction unfolds like some tragic ballet: fifty-three percent of her equity, her silent assurance of dominance, evaporating into the ether. What darker sleight of hand allows such a sale during a period when the market, like a capricious mistress, cloaks her true intentions behind a veil of stability? The answer, cloaked in bureaucratic tedium, could easily be a strategic retreat or a desperate grasp at liquidity-an act of a ballerina-dancing on her toes, aware of the abyss beneath.
So, Ethereum decided to take the express elevator to rock bottom, huh? Over $413.9 million in leveraged ETH positions got liquidated in a day-longs took a $381 million punch to the gut. Bulls were ejected faster than a guest at a bad party, and the price collapsed like a soufflé in a thunderstorm. 🌧️💔
A research note from JPMorgan this week highlighted that index providers are examining whether companies whose digital asset holdings represent more than half of total assets should remain eligible for inclusion. If the proposal is implemented, Strategy could lose its place in indexes such as MSCI USA and the Nasdaq 100. A decision from MSCI is expected by January 15. 🕵️♂️⏳
Behold, the price tumbles to $86,036, a 7.35% fall in 24 hours! 📉 Yet, the volume surges past $102 billion-ah, the crowd’s thirst for chaos! The decline, a mere “consolidation,” they say, not a sign of weakness, but a test of patience. 🤷♂️
CryptoQuant, that paragon of wisdom, informs us that this debacle was not caused by a single catastrophic event-oh no, far too pedestrian-but by a glorious collision of sentiment extremes, macroeconomic uncertainty, and on-chain stress. A veritable cocktail of despair, shaken but not stirred. 🍸🔥
And who’s leading this grand exodus? None other than BlackRock’s IBIT, the so-called “world’s largest publicly-listed fund.” Ha! More like the world’s largest sieve, with over $2 billion leaking out this month alone, according to SoSoValue. 🕳️💰
Bitcoin, that stubborn stallion, drifted below its 400-day dance partner-the moving average-plunging to a modest $86,275, igniting a flurry of distress among those who bought high, only to watch their investment pretend it’s an ice cube on a warm day.
