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$BTC fell below 76,000 overnight, with 1.254 billion USD liquidated in 24 hours, and 238,600 people forced out, long positions accounted for 1.11 billion [reference:0].
$ETH dropped to 2206, down over 7%, leveraged longs didn’t even have time to react.
But the real new thing in crypto today isn’t in the candlesticks; Circle officially asked the SEC for “cash treatment,” aiming for stablecoins not to be counted as a haircut on broker-dealer balance sheets, with the GENIUS Act supporting guidelines effective January 2027.
On the US stock side, the Philadelphia Semiconductor Index crashed over 12%, AMD fell 17%, Micron dropped 17%, SanDisk lost 22%.
Money hasn’t evaporated; real estate rose 7%, healthcare up 6%, core consumer only down 0.67%, and the S&P Value Index quietly hit a record high.
The new governor of Texas called to pause data centers, putting a brake on AI capital expenditure stories, while the old economy became a safe haven.
Over 4,500 A-shares turned red, the ChiNext index fell 3.5% by midday, computing hardware was drained, but AI animation Zhejiang Wenying Film & TV had 5 consecutive limit-ups, agriculture Wanxiang Denong had 2 limit-ups in 3 days, and photovoltaic Yongzhen had 4 consecutive limit-ups.
Money hasn’t fled; it just moved from the table talking about computing power,
to the table with grain, electricity, and cash flow. #ModernaQ3VaccineSales Having worked for more than a decade in jobs related to underlying hardware,this has become part of my market intuition. Looking back at this year's trend analysis of SNDK,I even feel like I held a stroke of genius.
Friends who follow the storage sector must be quite concerned about "when it will bottom out" and "when to buy."My answer is:wait until the storage topic is scarcely followed,like a faded star, and the long-term decline is about to end.
At that time,Despite the drop, the funding rate is still positive.
BTC directly smashed through 76,000, ETH dropped to 2,230, wiping out all gains since the midterm elections.
Over 1 billion liquidated across the entire network in 24 hours, bulls became the biggest sacrifice.
But the funding rate still hangs above 0.0025%, bulls are getting hit while still paying interest to the shorts.
A giant whale is shorting on three fronts, BTC, ETH, and SOL full short positions totaling 465 million U, with an unrealized loss of 18.19 million.
But they collected 12.23 million just from funding fees; unrealized loss is a number, rent collection is cash.
Another whale is even worse off, a 33.7 million BTC long was liquidated, refused to accept it, and turned to short TRUMP.
A rebound at dawn swept the shorts again, two consecutive liquidations overnight, losing 740,000 dollars.
ETFs are also withdrawing, with a single-day net outflow of 430 million, Fidelity pulled out 200 million, BlackRock 105 million.
If the funding rate doesn’t turn negative, the bottom isn’t considered reached.
$BTC $ETH I've always been puzzled: central banks are aggressively buying gold, so how can the gold price still be adjusted downward?
On November 5, Goldman Sachs provided an explanation. They cut the gold price forecast for the end of 2026 from $4650 to $4150, and for 2027 from $5400 to $4800, but the same report also said central banks will continue to buy heavily, and lower interest rates will provide support.
So basically, central banks keep buying, but the price drops first. Innis summed it up in one sentence: the Federal Reserve is still maintaining restrictive policies, and those playing gold with leverage and options are unwilling to follow the central banks at any cost.
In short, central banks are accumulating slowly, while fast money calculates costs. When costs rise, fast money runs first. It's the same in $BTC.Good news came out, but the market still fell: this morning's drop is not about the news
This morning BTC slid from 80791 all the way down to 75200, now at 75644, down 5.96% in 24 hours. ETH is worse, down 8.10%, with 2206 as today's low; SOL down 6.71%, at 89.39. All three are in the red, and the US stock market is also weakening.
Binance updated progress on restoration #9 today, more assets opened for withdrawal, 1.4 million views, the hottest topic overall. But the market simply doesn't buy it, it still falls. Honestly, good news came out but the price doesn't follow, indicating this drop isn't about the news.
The fees are interesting. BTC 0.0035%, ETH 0.0045%, SOL 0.0071%, all positive, longs are still paying. Despite the drop, no one is admitting defeat, it's still early to be wiped out. BTC open interest is 35,182 contracts, about 2.66 billion USD, and no large-scale liquidations have occurred. Fear & Greed index at 31, sentiment is here, but the chips are not yet.
This afternoon just watch one number: 75200, this morning's low. If it doesn't hold, continue to look lower; if it recovers above 76519, my judgment is void. For ETH, first see if 2206 can hold steady.
Do you think this is a shakeout or a trend reversal? Share your thoughts in the comments.The bullish narrative for gold was dismantled face-to-face by sell-side institutions for the first time. In the November 5 report, Goldman Sachs lowered its year-end 2026 gold price target from $4650 per ounce to $4150, and its year-end 2027 target from $5400 to $4800. These are targets for two years out, not short-term fluctuations.
The key lies in the second half of the report: Goldman Sachs is not bearish on central banks. It still expects central banks worldwide to continue large-scale gold purchases, with ongoing concerns about the safety of foreign exchange reserves. The decline in U.S. interest rates will also support gold prices. Not a single pillar supporting gold prices has been removed.
So why cut the target price? Stephen Innes’ interpretation provides the answer: central banks are indeed continuing to increase holdings, but the Federal Reserve’s maintenance of restrictive monetary policy has weakened private investors’ willingness to buy, especially speculative funds relying on leverage and options trading. Leveraged funds are no longer willing to buy alongside central banks at any cost.
This is a split in pricing power. Central banks are slow money, building positions annually without regard to drawdowns; leveraged funds are fast money, focused on funding costs. With interest rates not dropping, fast money’s costs cannot be lowered, so it exits first.
The same structure can be applied to $BTC: the marginal buying power formed by ETFs and leveraged funds will bleed price first when costs tighten, with long-term holders moving last. The real risk for such assets is not a lack of belief, but that believers are unwilling to add leverage. It’s worth considering: if central banks are the only buyers, the daily quoted gold price is still controlled by those who have already exited.#美股遭大幅抛售：费城半导体指数创2020年3月以来最大单日跌幅
Yesterday AI trading was wiped out: Nasdaq -5.52% closed at 24315, the largest single-day drop in 19 months, officially entering correction territory; Philadelphia Semiconductor Index -12%, the second largest in history; Nvidia -9.3%, SanDisk -22%, Micron and AMD both -17%, the seven giants evaporated over 1 trillion.
The trigger was the Democratic Party sweeping the midterm elections, concerns about AI regulation and slowing data center construction, plus Qualcomm's mobile chip revenue down 26%, slow returns on AI spending, and crowded trade stampede.
My view: short-term bearish. Overnight Nasdaq futures rebounded about 800 points but only recovered 15% of the drop, Asia session Nikkei entered a bear market, Kospi -8%, the downtrend is still spreading; tonight at 21:30 Nonfarm Payrolls, regardless of strength, are unlikely to directly reverse this—if strong, rate cut expectations cool down; if weak, recession worries take over. Consider this an oversold rebound first, wait for Nonfarm data and leaders to stabilize before deciding.
Crypto market is under pressure simultaneously: $BTC this morning at 75734, down 5.8% in 24 hours. This is my view and does not constitute investment advice. AI has burned so much money, how many years do you think it will take to break even? JPMorgan Asset Management includes BTC in its long-term capital market assumptions, presenting a baseline scenario of about 10% compound annual return over the next decade, while estimating an annualized volatility of around 55%. Reading these two figures together, I can understand why some institutions are willing to study it but remain cautious when allocating.
Let's do a simple calculation. Suppose a portfolio allocates 2% to BTC, with other holdings' prices unchanged, and BTC drops by half; this single position alone would reduce the portfolio by 1 percentage point. Even though it’s only a 2% allocation on paper, how much risk budget it consumes during a drawdown depends on whether it falls alongside stocks. For managers who need to handle redemptions and regularly explain performance to clients, this is much more concrete than where it might be in ten years.
I think including BTC in long-term research itself is worth noting. Taking it a step further is how much real money institutions are willing to commit and the rules for rebalancing after a drop. Sharing only the 10% line might lead people to think institutional funds are already lining up to enter. Reading the 55% line as well makes it clear the investment committee still has a long discussion ahead.
#BTC进入摩根大通长期预测，机构配置仍谨慎 Meme coins collapse if no one holds them, while stock coins have people holding reports waiting for you.
Behind $SNDK is SanDisk's NAND, SSD, and financial reports; the price has an anchor. A 20% drop usually has a reason: expectations might have changed, or the sector might be weak. I opened a short at 1079.7, riding the inertia of this expectation downgrade, not a "narrative fade."
This determines two things: first, don't use meme coin thinking to bottom-fish it; second, don't assume it can keep falling forever. Once the financial report is out and the spot price stabilizes, shorts will have to pay tuition.
Below 854, watch the inertia, but the rebound is not noise; it's spot capital speaking. In positions, the most important to watch is the US stock session and after-hours, not the green on this chart. $BTC $ETH #美股遭大幅抛售：费城半导体指数创2020年3月以来最大单日跌幅 When I look at the crypto prediction markets, I always take a second look at those outrageous target prices. Regular trades can wait and adjust, but here you have to accept the result at expiration. Low-probability options tend to be overpriced; I figure it's because the story sounds so good—spending a little money to hope for a big event makes it easy to forget how unlikely it really is. The odds reflect the bids from insiders, not the true probability. Even though I clearly think the target is far-fetched, when I see someone in the discussion laying out the reasons so convincingly, I can't help but keep reading.Leverage liquidation is nearing the end, the non-farm payroll night will set the direction
BTC around 77,400, ETH around 2,300. The fear and greed index is 34, in the fear zone.
Leverage has been largely cleared. 24h total network liquidations reached 1.254 billion, with long positions accounting for 1.11 billion (88%). In the last 5 minutes, ETH short liquidations hit 2.34 million, far exceeding longs, a double liquidation of longs and shorts, the one-sided stampede is over, and the cost-effectiveness of chasing shorts declines.
The funding side remains weak. On November 5, BTC ETF net outflow was 430 million (Fidelity outflow 200 million, BlackRock outflow 105 million), overall ETF absorption willingness is not strong.
Macro core: Non-farm payrolls will be announced tonight at 21:30 (expected 63,000-65,000). Strong data will boost rate hike expectations and suppress the market, weak data will trigger recession fears, both sides are risky to bet on.
Key levels:
BTC support below at 76,800 is the wick low and defense line; breaking it targets 75,200; resistance above at 78,500.
ETH support below at 2,277; breaking it targets 2,200; resistance above at 2,330-2,350.
In short: Leverage liquidation is thorough, but do not bet on one side before the non-farm data is released. Wait for BTC to stabilize at 76,800 or break out with volume above 78,500 before lightly trying longs. On non-farm night, control your position size first.The Philadelphia Semiconductor Index dropped about 12% in one day, marking its worst day since March 2020; the Nasdaq closed down 5.52%, wiping out $3.2 trillion in market value. This plunge is not just about crypto itself: with the midterm elections resulting in Democrats taking both chambers, the market immediately began recalculating AI data center projections—approvals, grid connections, and construction could all be stalled, forcing a downward adjustment in AI capital expenditure valuations. The money’s movement is clearer than opinions: $1.03 billion liquidated across the board in 24 hours, 90% of which were long positions, with 199,000 people forced out; Bitcoin crashed from 81,105 down to 75,468, already below the network-wide average holding cost of 77,700, and spot products have seen outflows totaling $1.16 billion over three consecutive trading days. My stance: continue to be bearish on Bitcoin at the 75,635.9 level, with take profit at 74,194.4 and stop loss at 76,500.8; bearish on Ethereum at 2,225.23, with take profit at 2,170.6 and stop loss at 2,258.03. Positions are below the average cost line, and every bullish candle upward is met with selling from those covering losses. History has given the answer: in March 2020 and November 2022, deleveraging happened first, and only the second time did the real market rally occur. #USStocksSufferHeavySelloff: Philadelphia Semiconductor Index posts largest single-day drop since March 2020 $BTC surged to 81,000 then plunged back to 75,000, with $1.254 billion liquidated in 24 hours and 238,600 people forced out, longs accounting for $1.11 billion.
$ETH dropped to 2206, falling over 7% in a day, not even giving a chance to run.
The trigger isn't within the crypto circle itself; the Democrats won big in the midterm elections, and the Texas governor-elect immediately called to halt data center construction, putting the brakes on the AI capital expenditure story.
On the US stock side, the information technology sector was pulled down 7.3% in one day, AMD fell 17%, and SanDisk dropped 22%.
But the money didn't evaporate; real estate rose 7% against the trend, healthcare increased 6%, and consumer staples only fell less than one point, with the toughest sectors ironically having the least story.
China's A-share ChiNext index fell 3.5% in half a day, with 4,549 stocks turning red, electronics net outflow exceeding 11.7 billion, but the seed industry stubbornly triggered a surge in limit-ups.
Wanxiang Denong hit 2 limit-ups in 3 days, Xinsai shares sealed the deal, the super El Niño is confirmed to last until February next year, and Thai rice prices surged to $499 per ton, the logic of having grain is stronger than any narrative.
On the regulatory front, the Clarity Act is basically shelved until 2028, but the Genius Act stablecoin bill will take effect as scheduled in January next year.
The excitement built by leverage shatters at the slightest touch; money only moves to places that produce real value.Many people are puzzled: the non-farm payrolls haven't been released yet, so why are Bitcoin and Ethereum already plunging?
Actually, macro data is never priced only at the moment of release; funds have already been betting in advance on stronger employment and delayed rate cuts.
Moreover, long leverage has been continuously liquidated, causing the decline to amplify.
The interesting part is this: the early drop now might actually set the stage for a reversal tonight.
What do you think? When the non-farm payrolls come out tonight, will the market use the bad news to keep crashing, or will it pull up right after the drop?The upgrade has been implemented, but $ZEC did not rise accordingly. NU7 has already been activated, yet the price actually dropped by about 2.2%.
Activation is based on blocks, not on the clock. Once block 3,543,405 was mined, NU7 went live. After activation, another 225 blocks were produced. The average block time is about 39 seconds, still moving toward the 25-second target. Block production time reduced from 75 seconds to 25 seconds, making confirmations about 3 times faster. Sprout has been retired. Approximately 12,224 coins are unspendable, not destroyed.
$ZEC is about $1,283, down about 2.24% in one day. $BTC is about $75,748, down about 5.8% in one day. 24h liquidation volume is about $1.06 billion. The upgrade is our own business; the market drop is another matter.
The upgrade going live does not mean the price will rise. The next focus is whether the block interval stabilizes around 25 seconds, plus the nonfarm payroll report tonight.When I see this kind of data, my first reaction is not to look for the price, but to see how many people are actually "doing business" on the chain. The buzz around public chains can be sustained by narratives, but long-term value must be supported by real usage.
According to Token Terminal data, Tron processed 1.08 billion transactions in the third quarter, a year-on-year increase of 31.19%, with an average of 135.76 transactions per second for the quarter. My judgment is that this is a positive signal for network usage activity, but it is not enough to directly infer an increase in token value.
What I value more is that this shows actual processing volume, not theoretical performance limits. For public chains, capacity is like adding more lanes to a highway, but transaction volume is the actual traffic flow. However, the average also smooths out peaks, so this number alone cannot determine the experience during congestion.
Another point to watch is that the number of transactions does not equal the number of users, nor does it equal economic value. A small number of addresses with high-frequency operations can also contribute a large number of transactions; if the growth comes from more users continuously using the network, then in my view, the quality of this growth is higher. This requires verification with address distribution, transaction types, and fee data, which the material has not yet provided.
Therefore, I would record this news as a "usage-side plus," rather than a starting gun for price. Next, I want to see what demands drive these transactions and whether the growth can sustain ongoing revenue. 【Previous Round Review】HYPE short 79.708→77.792 (+2.41%) take profit 77.42/stop loss 81.08 neither triggered, ✓ hit; DOGE short 0.07335→0.071690 (+2.26%) take profit 0.07158/stop loss 0.07441 not triggered, ✓ hit; ZEC short 1,252.07→1,269.97 (-1.43%) take profit 1,193.8/stop loss 1,287.0 not triggered, ✗ missed. Three trades, two hits, the ZEC short is still open. Let's lay out what happened these two days first. Tech stocks collapsed first: Nasdaq closed down 5.52%, Philadelphia Semiconductor Index dropped about 12% in one day, the worst day since March 2020, wiping out $3.2 trillion in market value. Crypto had no bad news of its own, it was sold off together — Bitcoin crashed from 81,105 to 75,468, 199,000 people were liquidated in 24 hours, with $1.03 billion in forced liquidations, 90% of which were long positions. Interestingly, the Fear & Greed Index actually returned to a neutral 50, panic was not as full as imagined. Why did money withdraw so quickly? The moment the Democrats took both chambers, the market immediately re-evaluated one thing: whether data centers can still be built as originally planned. The valuation of the AI trade line relies entirely on capital expenditure, and now legislation is stepping on the brakes — capital gains and taxes related to data centers are being adjusted$BTC surged to 81,000 then plunged back to 75,000, with $1.254 billion liquidated in 24 hours and 238,600 people forced out, longs accounting for $1.11 billion.
$ETH dropped to 2206, falling over 7% in a day, not even giving a chance to run.
The trigger isn't within the crypto circle itself; the Democrats won big in the midterm elections, and the Texas governor elected directly called to pause data center construction, putting the brakes on the AI capital expenditure story.
On the US stock side, the information technology sector was pulled down 7.3% in one day, AMD fell 17%, and SanDisk dropped 22%.
But the money didn't evaporate; real estate rose 7% against the trend, healthcare up 6%, and consumer staples only fell less than one point, with the toughest sectors ironically having the least story.
China's A-share ChiNext index fell 3.5% in half a day, 4,549 stocks turned red, electronics saw a net outflow of over 11.7 billion, but the seed industry stubbornly triggered a surge in limit-ups.
Wanxiang Denong hit 2 limit-ups in 3 days, Xinsai shares sealed the deal, the super El Niño is confirmed to last until February next year, and Thai rice prices surged to $499 per ton, the logic of having grain is stronger than any narrative.
On the regulatory front, the Clarity Act is basically shelved until 2028, but the Genius Act stablecoin bill will take effect as scheduled in January next year.
The excitement built by leverage shatters at the slightest touch; money only moves to places where real things can be extracted.#ModernaQ3VaccineSales Before BTC's crash, warnings were given a week, a day, and even a moment before the stock market crash 🫡
Today, more than a dozen US stock funds have liquidated, laid off staff, and had executives removed, and the list keeps growing. But your Du Ge is still frantically bottom-fishing their bloodied chips, embodying the spirit of seizing opportunities abandoned by others to serve institutions facing liquidation.🔥 Don't assume that worse non-farm payrolls will definitely make BTC rise! Tonight, the real test for the market is the inflation and economic growth signals hidden behind the employment data.
📉 Recently, the US tech sector has faced sell-offs, and the crypto market has also come under pressure. Meanwhile, ADP new jobs reached 86,000, the ISM services employment index rose to 51.4, and the services price index remains at 73.0. The US economy does not show signs of a full slowdown.
⚠️ The Fed's current rate is 3.75%—4.00%, with two officials supporting a rate hike at the last meeting. Market concerns about December policy are rising; if tonight's employment and wages are again strong, BTC may face dual pressure from the dollar and yields.
🟢 But if employment cools significantly and wages fall back, the market may trade on easing expectations, giving risk assets a chance to rebound. The problem is, if the data is so weak that investors fear a recession, BTC could also decline.
🧠 So I won't just look at non-farm payroll numbers but will also watch unemployment rate, hourly wages, the dollar, US Treasury yields, and BTC spot funding.
The biggest mistake tonight is blindly going long just because the data is weak.
Do you think the market fears inflation more this time, or fears economic recession more? #美股遭大幅抛售：费城半导体指数创2020年3月以来最大单日跌幅 If I were to write a strategy, I would first set a rule: if a mining company's mining revenue declines while AI revenue grows rapidly, then put it into the "business transformation watchlist" instead of directly scoring the coin price.🤖
This news about IREN just triggered the condition: Bitcoin mining revenue dropped 58%, and the company plans to fully exit this business by the end of the year; in the past quarter, AI cloud business revenue grew 182% to $200 million, with the business focus shifting to AI infrastructure.
My judgment is that this is more valuable for researching mining companies than for judging $BTC price fluctuations. The exit is a resource allocation choice by this company, and based on this single case, we cannot conclude that the entire mining industry has lost its appeal. Treating a company's transformation directly as a coin price signal, I think, skips several steps in between.
The advantage of this rule is that it can capture changes in revenue structure, not just focus on the AI label. But the loophole is obvious: revenue growth does not equal profit growth, and the material does not provide information on transformation investment and cash flow. If AI business growth requires continuous large investments, then I speculate that a smooth revenue switch does not necessarily mean reduced operational pressure.
As a quantitative newbie, I would set this as a reminder, not as a trading trigger. If you were to write this condition, would you require AI revenue to grow continuously to trigger it, or must you also add a cash flow improvement checkpoint?Hyperliquid bulls collectively fled, with SanDisk alone losing over 8.42 million
#美股遭大幅抛售：费城半导体指数创2020年3月以来最大单日跌幅
From last night’s US market open until this afternoon, Hyperliquid bulls have clearly been exiting.
83 addresses handled 121 million-level long positions, realizing a total loss of about 23.65 million USD, with 6 accounts each losing over one million.
This wave of losses mainly came from individual stocks. Although SanDisk only had 7 reductions, it lost 8.42 million in one go, accounting for over 30% of total losses, becoming the largest single source.
Hynix-related contracts reduced 28 times, losing about 3.62 million. Nebius, Meta, and Micron also contributed losses of 2.65 million, 2.17 million, and 1.76 million respectively.
Although index and ETF exit trades accounted for over 40% of the number of transactions, total losses were only 3.26 million, relatively light.
It’s clear that bulls with previously heavy positions in storage and AI industry chains are realizing losses concentrated at high levels, cooling market sentiment significantly.
This wave of fleeing may be profit-taking at high levels or active deleveraging due to leveraged positions unable to withstand volatility.
Short-term heat in storage and AI themes is cooling down; the AI sector will most likely enter a correction phase next, with short-term pressure being quite obvious. We need to watch closely to see if it continues to drop further. I always thought that the counterparties trading coins on-chain were all crypto people, but last night on Hyperliquid, the ones getting crushed were a bunch of US stock traders.
83 addresses, 121 multi-million long positions, losing 23.65 million USD overnight. The worst hit was SanDisk, losing 8.42 million in just 7 trades.
Interestingly, the index mapping contracts only lost 3.26 million, while individual stocks were the meat grinder, with storage and AI stocks falling the hardest. $HYPE also took a hit.
I thought hiding in crypto could avoid US stocks, but it seems I was wrong.At the close on November 5 in the U.S. Eastern time, the S&P 500 fell about 4.4% to 7353.73 points, the Nasdaq Composite Index dropped about 5.5% to 24315 points. The Russell 2000, which measures small-cap stock performance, also declined about 4.4% to 2729.89 points. According to the Associated Press, Nvidia fell 9.3% that day, AMD dropped 17.3%. Tech stocks fell noticeably, and the small-cap index also weakened significantly. To understand this close, two questions must be answered separately: How much did the big-fall stocks drag the index down? And how many stocks were covered by the decline? To calculate how much a single stock drags down the index, you need to multiply by its weight. The S&P 500 is weighted by free-float adjusted market capitalization. Simply put, the weight depends on the proportion of a company's freely tradable shares' market value in the index. To estimate a stock's contribution to the index's daily change, multiply its weight at the previous trading day's close by its daily price change. Suppose a stock accounted for 5% of the index the previous day and fell 10% that day; its contribution to the index's return would be about negative 0.5 percentage points. Another stock, even if it fell 20%, but only accounted for 1% of the index, would contribute about negative 0.2 percentage points. The stock with the smaller drop actually dragged the index down more. These two sets of numbers are examples. Nvidia's 9.3% drop and AMD's 17.3% drop are the actual market moves that day; to compare their drag on a particular index, you also need their weights in that index from the previous day. Change the weighting for the same group of companies and see how the drop differs. The standard and equal-weighted versions of the S&P 500 contain the same groupFrom last night’s US stock market open until noon today, 83 addresses on Hyperliquid liquidated 121 stock long positions worth millions of dollars, with a total loss of 23.65 million USD. Six accounts each lost over 1 million USD. This was not scattered stop-losses but a mass retreat.
Breaking it down, the index side was just a small part. The S&P 500, Nasdaq 100, and ETFs combined had 51 losing trades totaling 3.26 million USD, with 19 trades linked to the S&P 500 and 15 to the Nasdaq 100. The real hit was on individual stocks.
SanDisk (SNDK) had only 7 sell-offs but lost 8.42 million USD, accounting for 35.6% of the total loss. SK Hynix SKHX and SKHY combined had 28 trades losing 3.62 million USD, Nebius lost 2.65 million, Meta lost 2.17 million, and Micron lost 1.76 million. The storage and AI industry chains were the hardest hit.
The mechanism is not complicated: on-chain stock contracts follow US stock spot prices, but the margin is in stablecoins. When US stocks fall, the margin is compressed, and without broker buffering, stop-loss and forced liquidation trigger almost simultaneously.
This round of cuts targeted stock-mapped contracts, not the crypto assets themselves. $HYPE was temporarily affected by sentiment, but after position clearing, the platform’s open interest lightened, which is actually a good thing. $BTC and $ETH did not break because of this.
One point worth considering: after stocks are moved on-chain with leverage, forced liquidation cascades are no longer exclusive to the crypto world. Next time US stocks plunge, the first to crash might be some on-chain contract pool.Market Analysis and Trading Suggestions for November 6:
After the U.S. stock market opened last night, $BTC and $ETH experienced a dramatic plunge, with nearly $1.2 billion in long positions liquidated within 24 hours.
The main cause of this drop was the unstable situation in the Middle East and concentrated liquidations of long contracts, triggering a market crash.
Another factor was the midterm elections, where the Democratic Party proposed a permanent ban on superintelligence, causing a sharp decline in U.S. AI tech stocks. Many high-leverage long positions accumulated during the previous rise were liquidated once key support levels were broken, accelerating the decline.
Meanwhile, yesterday Bitcoin spot ETFs saw a net outflow of $430.2 million, and Ethereum ETFs had a net outflow of $99.9 million.
From the current market trend, although there is a slight rebound at the current level, the strength of the rebound is limited. It is not recommended to blindly enter the market to bottom-fish at this point.
Intraday trading suggestions: Focus on the 7600-76500 resistance level for Bitcoin; if the rebound fails there, consider light short positions. For Ethereum, light short positions can be arranged around 2240-2260.
$SNDK #美股遭大幅抛售：费城半导体指数创2020年3月以来最大单日跌幅
#非农今晚揭晓，美股大跌后市场如何押注12月加息？
#美国新旧国会交接或影响美伊局势 $BTC surged above 81,000 then quickly dropped back to 75,000, with $1.17 billion liquidated in 24 hours; long positions accounted for 90%, and leveraged longs were once again taken out.
$ETH followed down to 2213, dropping nearly 9%, with ETF daily net outflows continuing; no rebound, every attempt to bounce was hit and failed.
The trigger isn't within the crypto circle itself; the Democrats took control of both houses of Congress, and data center construction in Texas was called to a halt, suddenly putting the brakes on the AI capital expenditure story.
The Philadelphia Semiconductor Index crashed 12% in one day, Nvidia fell 9%, AMD lost 17%, the Nasdaq plunged 5.5%, and the fear index soared to 70%.
The money hasn't evaporated, it's just moved elsewhere.
The A-share ChiNext index fell 3.5% in half a day, with 4,549 stocks in the red; the electronics sector saw net outflows exceeding 11.7 billion yuan, but the seed industry and power sectors stubbornly hit their daily limit ups.
Wanxiang Denong hit 2 limit ups in 3 days, Xin Sai shares sealed the limit up, Li New Energy and New Energy shares hit vertical limit ups, and expectations for El Niño continuing until February next year are still increasing.
On the regulatory front, the Clarity Act is basically postponed until 2028, but the Genius Act stablecoin legislation will take effect as scheduled in January next year, making the compliance path clearer.
The excitement built by leverage shatters at the slightest touch,
Money only moves to places with food, electricity, and real tangible assets.Is there something wrong with the $KORU coin? Since yesterday's close, it has dropped 23%, while the Korean stock market fell only 4% today. What happened to the promised triple leverage? Maybe it's because of the big drop discount, but this is too harsh. So, you really shouldn't touch things you don't understand; I've learned my lesson again. Trading can only be short-term, quick in and out. If the Korean stock market falls for a few more days, this will be halved several times. Even if the stock market goes up, you'll never break even. If you want to buy, just buy the actual stock and, at worst, add triple leverage yourself.
As the saying goes, there are countless pitfalls ahead. You only understand after experiencing it yourself, but it's best to avoid if possible. Before trading, ask others or search online, and understand it before you act. $SNDK $SOXL A job transfer application just popped into my head: used to mine digital gold, now becoming a landlord for artificial intelligence. The worker is still updating the resume, but the company has already changed the job category 😂
IREN's Bitcoin mining revenue dropped by 58%, planning to fully exit this business by the end of the year; in the past quarter, AI cloud business revenue grew by 182%, reaching $200 million, with the business focus shifting to AI infrastructure. My judgment is: this looks more like a company reshuffling its revenue sources, not a direct bearish verdict on Bitcoin.
Changes in mining revenue from a single company cannot infer the demand changes of the entire Bitcoin network; the impressive AI revenue growth does not necessarily mean profits are equally good. If resources continue to tilt toward AI, then I speculate that competition among related companies will focus more on delivery capability rather than who shouts the loudest about transformation. I will keep watching delivery and profits; changing uniforms doesn't mean mastering new skills.Although $TAO has retraced about 80% from its historical high, the commercial revenue of the Bittensor ecosystem continues to grow.
According to SubConnect data, the annualized external revenue of the Bittensor subnet increased from about $35 million in early September to around $50 million in October, and is now close to $70 million, doubling in two months.
Revenue growth mainly comes from computing power leasing and AI inference services, with Lium, Targon, and Engy ranking at the top. Computing power and infrastructure-related businesses contribute about 80% of the revenue.
Of course, the current revenue scale is still far from covering the token issuance of over $300 million per year by TAO, covering less than a quarter. However, SubConnect expects the annualized revenue to potentially exceed $100 million by the end of the year.
Price has sharply retraced, but ecosystem revenue is still growing. For Bittensor, what truly deserves attention next is whether these subnets can continuously generate real revenue and gradually narrow the gap between commercial income and token inflation. If TAO drops below 200, I am prepared to buy in batches.🚨 GOLD MAY REPEAT THE COLLAPSE SCENARIO AFTER THE 1980 PEAK!
In 1979, the Iran crisis caused oil prices to soar, pushing gold to its peak in early 1980 before entering a prolonged correction cycle.
Similarities are emerging in 2026:
- Iran tensions strongly impact oil prices.
- Gold heats up and shows signs of weakening.
- After the US election, expectations for conflict de-escalation increase.
If safe-haven demand decreases and $XAU loses its uptrend structure, a deep correction could occur.#非农今晚揭晓，美股大跌后市场如何押注12月加息？
The boss has something to say
I see tonight as the most critical candlestick of the week: at 21:30, the October non-farm payrolls will be announced, with the market expecting an increase of about 60,000 jobs and an unemployment rate of 4.2%. Yesterday, the US stock market just experienced its worst day since March 2020 — the Nasdaq fell 5.52%, the Philadelphia Semiconductor Index dropped 12.25%, and CME Fed Funds futures now price in about a 68.7% chance of a rate hike in December. Both ADP and ISM services employment data were strong; if tonight's non-farm payroll wages again exceed expectations, the rate hike expectations will be further reinforced, which would be the second huge weight pressing down on risk assets.
My interpretation is: yesterday's plunge was the AI narrative being stabbed by policy, and tonight's non-farm payrolls will deliver another blow to macro liquidity. The logic is straightforward: the hotter the employment and the stickier the wages, the less reason the Fed has to turn dovish, the longer high interest rates will last, and the more unsustainable the valuations of high-beta assets become. BTC's correlation with the Nasdaq is frighteningly high right now; it already dropped below 76,000 last night, and before tonight's data comes out, those with heavy positions probably won't sleep well.
BTC current price is about 75,800, and I continue to hold no position. My approach: do not open any new leveraged positions before the data release; if non-farm payrolls are stronger than expected and the dollar surges, BTC will likely test 75,000 or even 73,000 again, and then I'll see if any panic selling offers bargains; if non-farm payrolls are weak and rate hike expectations fall, I won't chase a rebound above 77,000 either, waiting instead for a stable breakout. $BTC $ETH $SNDK $BTC has dropped from around 80,500 yesterday afternoon to about 75,600 now, down 6% in 24 hours, with a low hitting 75,200 which hasn't been broken yet. $ETH is weaker, down over 8% in 24 hours, falling from 2,420 to around 2,220, with a low touching 2,206. Looking at OKX's market: after the sharp drop in the early morning, BTC has been grinding between 75,200 and 76,200, with the highest rebound just around 76,500, never holding steady, and there is considerable selling pressure above. The perpetual funding rate is still around 0.004%, positive, indicating bulls aren't scared yet and true panic selling hasn't appeared. Tonight at 21:30, the US will release October's non-farm payrolls, with the market expecting an increase of about 50,000 to 60,000, compared to only 29,000 last month. If the data is weak, rate cut expectations will heat up, possibly triggering a rebound; if the data is strong, combined with the current weakness, the probability of breaking below 75,200 is high. My plan: before the non-farm data, don't chase shorts or bottom-fish; if 75,200 holds and BTC climbs back above 76,500, then watch for a rebound; if it breaks below 75,200, don't rush to buy, wait for the funding rate to turn negative and sentiment to clear out. Volatility tonight will likely increase, so keep leverage as low as possible. What do you think will happen after tonight's non-farm data: will BTC first drop to 75,000 or rebound first? This is no longer a normal pullback; the storage sector seems to have been kicked down from the mountaintop.
#美股遭大幅抛售：费城半导体指数创2020年3月以来最大单日跌幅
$MU plunged 17.46% in a single day, hitting a low of $650; SanDisk fell more than 22%, and SK Hynix, Seagate, and Western Digital also suffered heavy losses.
Babala chose to take a long position on MU at 687. Currently, the US stock market price rebounded overnight to around 690, with the position temporarily showing a slight profit, but I dare not call this the bottom directly.
This round of sharp decline is primarily a revaluation of AI trading's valuation and crowding. Storage stocks have risen too much in the past; once the market starts worrying about a slowdown in data center investment pace, funds will prioritize selling the previously strongest and most volatile stocks.
Secondly, $SNDK faced a rating downgrade, and the market began to question whether NAND prices can maintain strength in the long term; weak phone demand also increases uncertainty for traditional DRAM and NAND demand. Several concerns combined ultimately led to a sector-wide stampede.
Micron's revenue reached $54.2 billion last quarter and is expected to continue growing in fiscal 2027; SK Hynix just announced record results and has locked in more than half of its 2027–2028 capacity. The real AI storage demand remains strong, but the stock price had previously priced in the good news too fully.
Price-wise, 650 is MU's most important current defense level. Holding 650 and climbing back above 700 is necessary for the rebound to have a chance to continue; the 760–800 range above will become the main area of trapped selling pressure.Why did crypto crash so hard last night? Besides the AI regulatory panic, there's another easily overlooked driver: Trump's company just transferred $343 million worth of Bitcoin into exchanges🚨
On November 5th, the day after the Democrats regained control of both houses of Congress, Trump's media tech group moved about 4,259 BTC into trading platforms, nearly 30% of the Bitcoin they hold.
The timing is too coincidental!!! After losing the election, the Democrats immediately voiced intentions to investigate the Trump family's crypto business. With Congress changing hands, the "crypto president"'s policy shield became less solid.
Looking at the source of these coins: they came from the company's convertible bond collateral wallet, and there's about $1 billion debt due before the end of November.
Why transfer coins to exchanges for no reason? It can't be just for fun, so panic was directly triggered, causing a flash crash in both the US stock market and crypto.Moderna (MRNA) plans to release its Q3 earnings report before the U.S. market opens on November 6. Investors are closely watching the vaccine business performance and future growth prospects. Looking back at the previous quarter, the company recorded a net loss of about $800 million, indicating ongoing operational pressure. However, market sentiment has clearly warmed ahead of this earnings release. 📊 Market data and expectations: - Bullish forecast ratio: 94% - Bearish ratio: 6% - Forecasted market trading volume: approximately 2.24 million - Stock price rose about 2.97% before earnings My view: Currently, the market's expectations for earnings to beat estimates are quite high. Simply surpassing analyst forecasts may not be enough to sustain a stock price rally. What will truly determine MRNA's subsequent trend may be management's latest outlook on vaccine sales, cost control, cash flow, and business prospects for 2027. If both revenue and profit exceed expectations and positive guidance is provided, the stock price could see further gains; conversely, even if the earnings report is good, if future guidance falls short, beware of the risk of profit-taking and pullbacks. Remember: the market trades not just on past performance but on future expectations. #Moderna #MRNA #Q3Earnings #VaccineSales #USStockEarnings NFA, DYOR, manage your risks.🔥 Tonight at 21:30, the market may face a new major test! Non-farm payrolls are not just about the number of jobs added; what truly impacts market expectations is the combination of employment, unemployment rate, and wage growth.
📌 Current market expectations: 65,000 new non-farm jobs, 4.2% unemployment rate, and a 0.3% month-over-month increase in average hourly earnings. If job additions significantly exceed expectations, unemployment remains stable, and wages do not cool down, the market may see US employment as resilient, putting upward pressure on the dollar and US Treasury yields.
📉 In this environment, gold may come under pressure, and BTC, as a highly volatile risk asset, could also face capital outflows. Especially for highly leveraged positions, a rapid decline could trigger liquidations that further amplify volatility.
🚀 If employment data is clearly weak, with rising unemployment and slowing wage growth, expectations for rate cuts may heat up again, providing support for both gold and BTC.
⚠️ But don’t forget the Middle East situation! If sudden conflict news emerges, capital may prioritize trading on risk-off sentiment, and the interest rate logic of non-farm payrolls may no longer be the sole focus.
🧠 Tonight, don’t guess the direction first; watch the data combination, then see how the market moves. Are you more expecting strong non-farm payrolls or weak non-farm payrolls? #美股遭大幅抛售：费城半导体指数创2020年3月以来最大单日跌幅 When I see such a high-leverage long position, my first reaction isn’t to guess how much it can earn, but to think: how much room is left for the judgment to be wrong. The direction can be slowly verified, but the margin may not wait that long.
In this monitoring, Core Trader 14 (0x24fb65…bed0f) opened a long $BTC position with 40x leverage, holding 5 coins, with a nominal value of about $378,800, reference price $75,768. My judgment is that what matters most in this trade is not how strong the bullish attitude is, but how sensitive it is to short-term fluctuations.
Roughly calculating initial margin by dividing nominal value by leverage, it’s about $9,471. If the price moves 1% against the position, the unrealized loss is about $3,788, which is 40% of the margin mentioned above. This doesn’t include fees or funding costs, and the account margin mode is unknown, so it can’t be directly used as a liquidation estimate, but it’s enough to see how thin the buffer is.
Another point that tempered my excitement is that the data lacks stop-loss or margin top-up arrangements, and there’s no complete account information. Opening a long only shows the direction choice, it doesn’t prove how much loss the trader is willing to bear; if you interpret the position amount directly as confidence, I think it’s easy to misread.
What I want to observe next is how the position is adjusted, rather than rushing to bet on the outcome of this long; in high leverage, judging direction and holding until realization are two different things.Nominal position VS actual investment, I prefer to look at them separately. Core Trader 14 opened a long $BTC position with 40x leverage, with a position value of $378,840.
I wouldn't conclude "big money is bullish" based on this: roughly calculated at 40x, the initial margin is about $9,471. Leverage amplifies exposure, not principal; this trade expresses a bullish direction but doesn't prove how heavy the investment is.
When looking at such opening signals, do you pay more attention to the nominal position or the margin invested? US Nonfarm Payroll Preview: Will the December Rate Hike Expectations Strengthen Further?
🚨 Tonight at 21:30, the global financial markets may face a critical battle! Bitcoin, bulls, and bears all need to closely watch this data!
The US economy is sending a dangerous signal: employment hasn't collapsed significantly, yet inflation remains stubborn, increasing the suspense over a Fed rate hike in December!
Two officials have already advocated for a rate hike at the meeting!
What does this mean?
Tonight's nonfarm payrolls are expected to show an increase of 65,000 jobs, with an unemployment rate of 4.2%.
Focus on three scenarios next:
🟥 First: Nonfarm significantly exceeds expectations!
Strong employment, rising wages, stable unemployment rate — December rate hike expectations may continue to strengthen! The dollar and US Treasury yields could rise, while Bitcoin, gold, and US stocks may face pressure!
🟩 Second: Nonfarm falls well short of expectations!
Rate hike expectations may cool down, giving Bitcoin a chance to rebound! But if the data is bad enough to trigger recession fears, beware of a spike followed by a drop!
🟨 Third: Nonfarm meets expectations!
The market may first experience volatility before waiting for the November 10 CPI to decide the next direction!
Remember this:
Nonfarm determines short-term sentiment, rate hike expectations determine capital flow, and liquidity ultimately decides how far Bitcoin can go!
Tonight at 21:30, do you think nonfarm will beat expectations or disappoint?
Leave your judgment in the comments: bullish on BTC or bearish on BTC? #AAOIQ3营收同比增长128%，连续六季创新高 The most vulnerable link is not the price itself, but the leverage piled up too neatly. Did you get swept by yesterday's sharp plunge? When I was watching the market yesterday, what concerned me most was not whether 75500 could hold, but that the short positions around that level were arranged too uniformly, as if everyone had agreed on it. As a result, BTC plunged to 75500 and almost immediately bounced back above 79000, even touching around 81000. This move looks more like a cleanup targeting crowded positions rather than a trend reversal. The altcoin sector generally did not keep up with this recovery wave; the strength gap actually widened, indicating that capital is choosing certainty rather than chasing stories. From the derivatives perspective, the key signal of this V-shaped rebound is a clear squeeze path: first breaking through short stop losses, then triggering passive buybacks, which pushed the price up. However, the 4-hour moving average structure remains weak, and the daily-level resistance is roughly around 80,000. Yesterday's surge to 81,000 looked more like a short-sweep rather than a stable hold. I mentioned the day before yesterday that ETH must not lose 2250; if it did, it might accelerate downward. It also came back in a V-shape, but the resistance around 2450 was repeatedly tested, indicating selling pressure above still exists. On the bullish side: if BTC can retake and hold 80,000, the residual short covering might drive ETH to catch up, giving altcoins a bit of breathing room. But the risks deserve more attention: if funding rates quickly turn positive and open interest rises, that would be a new vulnerability, and the next plunge could be even sharper. Regarding sector strength, I currently prefer to watch the relative resilience of BTC and ETH; the quality of altcoins' follow-up rally still needs observation. My judgment is: this round of rebound is temporary $BTC directly fell below 76,000 overnight, with over $1.17 billion liquidated in 24 hours, more than 90% of which were long positions; leveraged bulls got wiped out again.
$ETH followed, crashing to around 2200, dropping nearly 9%, while altcoins fled even faster.
The trigger isn't within the crypto circle itself; it's that after the midterm elections, the Democrats took both chambers, and the market suddenly worries that AI data centers might get choked off.
The US stock market's Nasdaq plunged 5.5% in one day, the Philadelphia Semiconductor Index dropped 12%, SanDisk fell over 22%, and Nvidia lost 9%.
The money hasn't evaporated; it just switched tables.
China's A-share ChiNext index fell 3.5% in half a day, with over 4,500 stocks turning red; the electronics sector saw a net outflow exceeding 11.7 billion yuan, but the seed industry and power sectors stubbornly hit their daily limit up.
Wanxiang Denong hit the daily limit twice in three days, Xin Sai shares sealed the limit up, Li New Energy and Xin Neng shares vertically hit the limit up, and expectations for El Niño continuing until 2027 are still being reinforced.
The US stock market is following the same pattern; supermarket stocks like $COST have become safe havens, the more AI wavers, the more stable essentials like food and oil are.
In short, the hype built by leverage shatters at the slightest touch; money only camps where there is food, power, and real tangible value.When the price dropped so low that no one was talking, an address from 2015 moved.
Bought 2,221 $ETH in 8 hours, $4.99 million, average price $2,248.
This is the batch of OG who subscribed to 1 million tokens in the ICO back then, still holding 122,000 tokens on-chain, worth $272 million.
The bad news is the price crashed hard, the good news is he bought at the same price as you.😅On the morning of November 6, the South Korean KOSPI opened with a plunge, triggering a circuit breaker and halting trading for 20 minutes. The intraday maximum drop was 8.8%, falling below 5000 points to 4911 points, marking the 11th circuit breaker this year. Samsung Electronics fell more than 10%, SK Hynix once dropped nearly 14%, and the South Korean Ministry of Finance issued an emergency statement during trading.
The trigger was the overnight crash of U.S. tech stocks: the Nasdaq fell 5.5%, the Philadelphia Semiconductor Index plummeted 12.2%, and the market value of tech stocks evaporated by about $2.5 trillion in a single day. On a deeper level, after the midterm elections, the market began pricing in AI and data center regulatory risks, leading to a systemic sell-off of tech stocks.
0x50c2be4b3958c358e2654c6dabb4feb9e1cc7777
South Korea’s sharpest drop is because the KOSPI weighting is highly tied to semiconductors, with Samsung and Hynix positioned at the forefront of the sell-off chain. Therefore, this wave is not an independent local negative for South Korea but a concentrated transmission of U.S. AI regulatory panic to the Asian semiconductor supply chain. In the short term, it is an emotional and leverage-driven stampede; in the long term, attention must be paid to whether AI regulation will truly produce substantive policies.
#半导体板块集中抛售，韩国KOSPI跌超6% $SKHY
This is only a summary of public information and does not constitute investment advice. The rise in two days is too much, inherently difficult
$ETH completed a big rebound in two days, looking lively.
Those betting it won't rise do so not because they are bearish on fundamentals.
How this number is calculated:
Rising this much in two days means consuming a segment of gains in one day.
Without strong positive news supporting it, the buying volume can't sustain for a whole day.
At the moment it triggers:
Storage-related expenditure expectations are revised downward, and the money that withdraws first is the expectation.
Once expectations loosen, the fuel needed for the rebound is reduced.
When the rise is sharp, most people only remember how much it went up.
They forget that no new money came in during these two days.
#比特币承压，ETF近7日净流出约11亿美元 $ETH Hahaha, it's over, the stock market is doomed. Why is it falling? The answer is here.
Let's talk about the market first. The Nasdaq has crashed like a stray dog, flashing a drop of over 4%. The main culprits are semiconductors like SNDK and MU, which plunged as much as 15%!
So the question is, why such a severe drop?
Actually, I explained the reason in the afternoon's US stock analysis: the data centers are in trouble!
The market logic is like this: Texas turned blue, and the new governor of New Jersey, Phil Murphy, threatened to suspend and ban all data center approvals and cancel tax incentives unless approved.
Other blue states are doing the same. Now new data center construction is difficult! So the semiconductor shipment expectations started to drop sharply.
That's why MU and SNDK semiconductors plummeted, dragging down the US stock market, which in turn dragged down all global assets, including Bitcoin, which also suffered.
Ah, it's really a battle of gods, and we retail investors suffer; even hiding in the crypto circle can't escape the election.
But according to historical patterns, there is usually a big drop around the election, so this is somewhat expected. Only this time, the winner directly attacked the stock market's fundamentals, and the semiconductor trend is very sensitive and highly leveraged.
But you know what? According to historical data, after a big drop around the election, it is often the best time to position in US stocks! So everyone can consider buying the index or Bitcoin on dips; they will rise later, just need more time, be friends with time! $BTC $SNDK #AAOIQ3营收同比增长128%，连续六季创新高 $BTC
I’m keeping an eye on these ETF net outflow numbers today. On the U.S. stock trading day of November 5, Bitcoin spot ETFs had a total net outflow of $430 million, with FBTC outflowing $200 million and IBIT outflowing $105 million.
OKX spot is currently around $75,419, opening 24 hours ago at $80,482, with a low of $75,200, still close to the intraday low. Contract open interest is about $2.65 billion, funding rate 0.0034%, positions are not light, but the rate is not at a crowded level.
I don’t directly interpret a single-day outflow as institutions being bearish, nor do I see the low sideways movement as someone absorbing it. At least today, I haven’t seen spot buying absorb this selling pressure yet, so I’ll first see if this level can hold.
#美股遭大幅抛售：费城半导体指数创2020年3月以来最大单日跌幅 $OP
The Superchain concept makes Optimism particularly interesting from an infrastructure perspective. Instead of treating every Layer-2 network as an isolated environment, the broader vision emphasizes shared infrastructure and coordination. The opportunity is significant, but so is the execution challenge: individual chains must generate real demand rather than simply expand the ecosystem's network count. Can interoperability become Optimism's strongest competitive advantage?🚨 TRUMP MEDIA MOVED 4,259 BTC TO CRYPTO.COM — HOLDERS CAN DEMAND UP TO $1B ON NOV. 30.
The coins came from wallets labeled as collateral for its 2028 convertible notes. A transfer is not a sale, but the timing puts the collateral in focus.US stocks weakened, and the cryptocurrency market is generally under pressure 🚨 The sharp plunge in US stocks triggered a liquidation wave in the crypto space! Over $1 billion in positions evaporated, with longs being the biggest losers!
What really alarms me about this US stock decline is not BTC falling below $76,000, but that leverage in the crypto space is being concentratedly liquidated.
On November 5, the Nasdaq index plunged sharply, and major coins like BTC, ETH, and SOL all came under pressure.
What’s even more notable is that in the past 24 hours, crypto derivatives liquidations reached about $1.08 billion, with long liquidations around $954 million, accounting for over 88%.
What does this mean?
The market isn’t just seeing people actively selling coins; a large number of bullish positions are being forcibly closed.
When price drops trigger leveraged liquidations, exchanges automatically sell related positions, which can further push prices down, creating a chain reaction.
This is why sometimes when US stocks fall a few percentage points, volatility in the crypto space is even more intense.
My judgment is that this decline is clearly bearish in the short term, but the large-scale liquidation of leverage also means the market is releasing some accumulated risk.
However, a large liquidation scale does not mean the bottom has been reached.
What needs the most caution now is not missing a rebound, but rather adding leverage too early before the market stabilizes.
I tend to wait for BTC to firmly reclaim key price areas before observing whether the bulls truly regain strength. Does $SNDK still have the strength to rebound? #美股遭大幅抛售：费城半导体指数创2020年3月以来最大单日跌幅