đš Bitcoinâs Crash Was NOT What You Think! đš
The crypto market took a wild ride this weekend, with over $19B in leveraged bets wiped out! đ± Fridayâs crash was the biggest liquidation event EVERâ10x worse than the FTX collapse in 2022. But hereâs the kicker: Coinbase data shows it wasnât even Bitcoinâs highest-volume day this summer! đ€Ż
According to Scott Melker , two days in July saw MORE Bitcoin trading volume on Coinbase, and the price barely budgedâsmall dips, quickly bought up. So, what does this tell us? Fridayâs drop wasnât a mass spot sell-off; it was a LEVERAGE bloodbath. đ„ A chain reaction of forced liquidations, not panic selling. Melker even suggests spot trading mightâve been partially frozen, blocking real buyers from stepping in. đ€
Glassnode backs this up: $11B in Bitcoin futures open interest got obliterated, marking the largest deleveraging event in $BTC history. đ Funding rates crashed to 2022 bear market lows, flushing out overleveraged bets. The marketâs resetting, and speculative excess is GONE. đ§č
Bitcoinâs already bouncing back, up 1.81% to $114,100 from Fridayâs low of $107,000. đ Is this the calm before the next storm, or a fresh start for the king of crypto? đ Whatâs your take? Drop it below! âŹïž
