Extreme and prolonged annihilation of XRP
XRP spikes in record liquidation imbalance as bulls are brutally crushed.
Unprecedented imbalance. CoinGlass data showed a deviation of 101.445% in liquidation between long and short positions.
For the second time this week, the XRP derivatives market recorded an unprecedented drop. In just one hour, CoinGlass's liquidation tracker showed a 101.445% imbalance between long and short positions. As expected, almost all the impact was bullish.
The math beyond the drop is brutal: $4.21 million in long positions received a margin call, while short positions barely registered $4,150. This is what generated the unprecedented distortion; not the largest drop in dollars, but a reflection of how congested long trades had become around XRP.
Price reaction. $XRP failed several times at the $2.88 resistance.
XRP headed towards $2.83 after failing to break above $2.88 several times, with pressure building during the evening session. Across the market, liquidations in the last 24 hours exceeded $475 million. Only Ethereum lost $10.81 million in the last wave, Bitcoin lost $5.81 million, and Solana lost $1.82 million. Long positions accounted for $403 million of the total, while shorts only $72 million.
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Bitcoin's death cross setup
Bitcoin's death cross can be brutal.
Death cross signal. The 23-day moving average (green) is bending towards the 50-day moving average (blue).
$BTC just showed one of the worst signals you can get on a price chart: a death cross. The 23-day moving average (green) is leaning towards the 50-day moving average (blue), and both are about to collide.
If that cross is confirmed, it usually means that buyers have lost the wheel and the price is dragged down to the next main anchor. Currently, that anchor is the 200-day line at $100,483.
Next anchor point. The 200-day moving average is at $100,483.
The danger here is not a simple fall, but the market gravitating towards the 200-day chart, the only line that always drags the price when the shorter averages collapse. A drop to $100,000 would not be an unforeseen event, but simply the math of the chart doing its job. That level also erases almost the entire summer rally, putting the entire bullish narrative under intense scrutiny.
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Shiba Inu burn rate increases despite weekly decline
A huge amount of meme coins were transferred out of circulation.
Daily burn increase. SHIB burns increased by 2,196.63% in 24 hours.
Shibburn, the blockchain wallet tracker, has shared a recent update on recent transactions in outbound wallets on its website. Following recent SHIB community activity, there has been a four-digit increase in token burn.
Burns $SHIB increase by 2196%. Data published by the mentioned source reveals that, in the last 24 hours, the SHIB community, the second most popular meme coin, has managed to dispose of a significant amount of tokens. In the last day, they transferred 1,606,561 Shiba Inu to unavailable blockchain addresses.
This resulted in a 2196.63% increase in this metric. The largest amount of SHIB burned was 1,192,392 SHIB. As for weekly burns, a recently posted tweet shows a 29% decrease, while many more coins were burned: 72,264,101 SHIB.
