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December 6, 2024
Today's update is early. The big drop woke me up with a spike in the early morning; this spike is the first since reaching 75,000. The drop was 10 points, with the big coin starting to decline from 100,000 last night. At 6 a.m., the Binance price dropped from 99,000 to 90,500 with a spike; other platforms even fell below 90,000, indicating a drop of over 10 points. All leveraged positions of ten times or more were liquidated. Indeed, this spike brought about over 1.5 billion USD in liquidation volume; 10 billion RMB in liquidation only occurs in a bull market.
Data shows that large holders have been liquidated, and based on the magnitude of the spike and the speed of the rebound, this is a typical pinpoint liquidation, also known as price manipulation. However, BTC is a global open market, and those capable of manipulating BTC prices are surely significant figures, so one can only say that you win some, you lose some. Yesterday, when I saw BTC's funding rate soar to an annualized 50%+, I also reminded everyone right away about the negative correlation between funding rates and market conditions, which has been verified multiple times by the market. If prices do not fall and funding rates remain high, continuing to leverage the rates is also not a bad option.