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$400 Million $BTC Shorts Liquidated, and $200 Million $ETH Shorts Liquidated In Last 24 Hours
Bears were in disbelieve as #bitcoin rallied above $28,000 for the first time in a while, leading to over $800 million in shorts being wiped out, including $400 million in BTC shorts.
This move started with an aggressive BTC spot buy that took out around 7% of open interest.
A little reminder that we are in October, fondly referred to as "Uptober" because the month of October has been Historically been the second best performing month for #crypto assets, behind November.
With a lot of FUD in the past months, as well as non stop doom posting, it was clear that the market was ripe for a short squeeze.
Is it time for anyone else to short the market after this rally? I don't think so. If more shorts piles up, then the run up might get wild.
Short squeezes needs fuel to keep going, and that fuel are over zealous or late shorts. It has started, and it won't end here.
Just plan your trade and trade the plan while applying risk management
#Admiano
Bears were in disbelieve as #bitcoin rallied above $28,000 for the first time in a while, leading to over $800 million in shorts being wiped out, including $400 million in BTC shorts.
This move started with an aggressive BTC spot buy that took out around 7% of open interest.
A little reminder that we are in October, fondly referred to as "Uptober" because the month of October has been Historically been the second best performing month for #crypto assets, behind November.
With a lot of FUD in the past months, as well as non stop doom posting, it was clear that the market was ripe for a short squeeze.
Is it time for anyone else to short the market after this rally? I don't think so. If more shorts piles up, then the run up might get wild.
Short squeezes needs fuel to keep going, and that fuel are over zealous or late shorts. It has started, and it won't end here.
Just plan your trade and trade the plan while applying risk management
#Admiano
From December 2022 to February 2023, Mike turned his $13,000 portfolio into $72,000. Fast forward to July, Mike has less than $4,000 in his wallet.
Let's find out how that happened. We'll also see lessons we can learn.
The bottom was in, and Mike saw the opportunity to make it big. But he needed to convince his wife before putting much money in, as any failure would harm the family.
After a very long conversation, his wife agreed to it. His plan worked, and he made a killing with BTC leverage long. His wife told him to sell, and he promised to do so.
He didn't.
He round-tripped everything, and he's too ashamed to tell her what happened.
The Lessons?
🔸 He didn't practice risk management
🔸 He didn't take profits
🔸 He was overconfident
There are many traders out there like this. Don't be one of them.
#Admiano
Let's find out how that happened. We'll also see lessons we can learn.
The bottom was in, and Mike saw the opportunity to make it big. But he needed to convince his wife before putting much money in, as any failure would harm the family.
After a very long conversation, his wife agreed to it. His plan worked, and he made a killing with BTC leverage long. His wife told him to sell, and he promised to do so.
He didn't.
He round-tripped everything, and he's too ashamed to tell her what happened.
The Lessons?
🔸 He didn't practice risk management
🔸 He didn't take profits
🔸 He was overconfident
There are many traders out there like this. Don't be one of them.
#Admiano
Market Down: Bitcoin Is Like A Rebellious Child
Bitcoin fell on Thursday after the Wednesday rally by 4.8%. It came close to $38,000 range.
When #Bitcoin got to $38,000, sell orders took over, sending the price lower. This triggered liquidations of leveraged long positions, sending the price downward.
Throughout the week, BTC has been flopping. Going from red to green and back again.
BTC is now down a little over 2% over the week but still up close to 25% in the past 30 days.
Noelle Acheson, author of the ‘Crypto is Macro Now’ newsletter, says Bitcoin is starting to seem like a rebellious teenager, which is actually fitting when you consider its relative age and its disruptive mission. But in retrospect, its rebellion is manifested by not reacting as traditional lore says it should.
Easing treasury yields—the ten-year yield is down about 3% this week—coupled with optimism that the Federal Reserve will pause rate hikes should be enough to push bitcoin to its next key level.
Yet, that is not what appears to be happening. Putting too many eggs in the macroeconomic basket tends to not bode well for crypto investors. Bitcoin can be moved by macro considerations, or it can be moved by ETF speculation. Or it can be moved by any of a number of other factors.
"We can talk about ‘correlations’ all you want, but they tend to be backward-looking and changeable." - Acheson
Avalanche native token (AVAX) extends double-digit rally with another 7% gain.
Other cryptocurrencies that dropped after Bitcoin during the day are (ETH) Ether dropping 4% to $1,960. Solana (SOL) to 6% and Chainlink's native token (LINK) to 9%.
If you like contents like this, be sure to like and follow us. Also, do well to share with others around you! #Admiano
When #Bitcoin got to $38,000, sell orders took over, sending the price lower. This triggered liquidations of leveraged long positions, sending the price downward.
Throughout the week, BTC has been flopping. Going from red to green and back again.
BTC is now down a little over 2% over the week but still up close to 25% in the past 30 days.
Noelle Acheson, author of the ‘Crypto is Macro Now’ newsletter, says Bitcoin is starting to seem like a rebellious teenager, which is actually fitting when you consider its relative age and its disruptive mission. But in retrospect, its rebellion is manifested by not reacting as traditional lore says it should.
Easing treasury yields—the ten-year yield is down about 3% this week—coupled with optimism that the Federal Reserve will pause rate hikes should be enough to push bitcoin to its next key level.
Yet, that is not what appears to be happening. Putting too many eggs in the macroeconomic basket tends to not bode well for crypto investors. Bitcoin can be moved by macro considerations, or it can be moved by ETF speculation. Or it can be moved by any of a number of other factors.
"We can talk about ‘correlations’ all you want, but they tend to be backward-looking and changeable." - Acheson
Avalanche native token (AVAX) extends double-digit rally with another 7% gain.
Other cryptocurrencies that dropped after Bitcoin during the day are (ETH) Ether dropping 4% to $1,960. Solana (SOL) to 6% and Chainlink's native token (LINK) to 9%.
If you like contents like this, be sure to like and follow us. Also, do well to share with others around you! #Admiano
Did Arbitrum Just Say "No Airdrop" For Odyssey Campai Round 2? 👀
8 days ago, Arbitrum announced that the Arbitrum Odyssey is returning, and that it will commence this week. This led to wild speculations of a potential $ARB Airdrop.
This was particularly fuelled by the fact that there are still over 65 million unclaimed $ARB from airdrop phase one. The first airdrop from Arbitrum saw people get from as low as $850 to as high as $2.5 million!
Did you receive the first $ARB Airdrop? How many tokens did you receive? Tell me in the comments section.
Few hours ago, Arbitrum tweeted that "there will be no airdrop" associated with the odyssey campaign round 2. They also mentioned that all unclaimed ARB tokens have been sent to the DAO treasury, and the Arbitrum DAO decided how the treasury is used.
Does this signal a complete NO for a future airdrop? Actually, NO!
Arbitrum team actually cannot decide to do another airdrop, except they want to give out front team tokens. Community rewards is managed by the Arbitrum DAO. So, all it takes is one proposal after the odyssey campaign ends, and the community will decide by means of a vote what tokens and how much participants will receive.
So yes, there's a hope of a second Arbitrum airdrop. But it's not 100% sure. In my opinion, yiu should participate in the odyssey campaign.
You think this post is helpful? Show some appreciation - like, comment your thoughts and share with others.
#Admiano #Layer2
8 days ago, Arbitrum announced that the Arbitrum Odyssey is returning, and that it will commence this week. This led to wild speculations of a potential $ARB Airdrop.
This was particularly fuelled by the fact that there are still over 65 million unclaimed $ARB from airdrop phase one. The first airdrop from Arbitrum saw people get from as low as $850 to as high as $2.5 million!
Did you receive the first $ARB Airdrop? How many tokens did you receive? Tell me in the comments section.
Few hours ago, Arbitrum tweeted that "there will be no airdrop" associated with the odyssey campaign round 2. They also mentioned that all unclaimed ARB tokens have been sent to the DAO treasury, and the Arbitrum DAO decided how the treasury is used.
Does this signal a complete NO for a future airdrop? Actually, NO!
Arbitrum team actually cannot decide to do another airdrop, except they want to give out front team tokens. Community rewards is managed by the Arbitrum DAO. So, all it takes is one proposal after the odyssey campaign ends, and the community will decide by means of a vote what tokens and how much participants will receive.
So yes, there's a hope of a second Arbitrum airdrop. But it's not 100% sure. In my opinion, yiu should participate in the odyssey campaign.
You think this post is helpful? Show some appreciation - like, comment your thoughts and share with others.
#Admiano #Layer2
The Crypto Trap: How Tom Lost It All To Binance FUD
This is Tom. Tom is in great despair with no one to console him. He listened to a Binance FUD, tried to play smart and lost his entire life savings in the process. How did that happen?
Chad Tom Makes Crypto Gains
Tom got into crypto for the first time in 2020. He bought $BNB at $13, some cheap $SOL, $DOGE and $FTM on Binance. He held all with his diamond hands through the bull run and sold at the top. He's smart.
When Bitcoin took a dip, he stopped trading and kept all his funds on Binance. He made his money on the exchange, and trusted the exchange. I mean, why not?
What Tom knows how to do best is buying dips, hold and sell at the top. That was his plan for the next bull run, until something happened.
The Waves Of Binance FUD
Time was scrolling through Twitter one day and he stumbled on some Binance FUD. One of the news said Binance was insolvent. Another said Binance was commingling user funds.
Initially, he believed it was just one of those FUDS that pops up every now and then. Few days later, however, he saw a tweet that said CZ haven't tweeted for more than 19 hours, that he must've been arrested.
Tom got scared and decided to withdraw all his funds to his wallet. It's his money, so he can do whatever he likes with it. But something happened.
Tom wanted to deposit his money in a lending protocol to earn some yields. He felt his money will be safer that way till whenever he is ready to buy dips again.
All Money Lost, No Hope For Tom
His money was on the BSC network, but the lending protocol is on Ethereum network. So, he decided to use a bridge to transfer his money over.
What bridge did Tom Use? None other than Multichain, the bridge his friend recommended. Tom made the transfer and was waiting to receive his funds on the Ethereum blockchain.
Two minutes, 10 minutes, 1 hour... the funds never arrived. Tom was wondering what was going on. He asked his friend, Jude, who recommended Multichain to him what could be wrong. Jude told him to wait a while, that such transfers may take much time sometimes.
When Tom couldn't take it any longer, he went online to find out if anything was wrong with Multichain. What he found out shocked him to his bones.
He soon found out that the bridge was paused as a result of an exploit that saw $120 million stollen, weeks after the founder was arrested for fraud. Tom's funds was gone, and there was nothing anyone can do at this point.
Money he had held on Binance for almost two years, now lost just the one time he decided to withdraw. You can imagine how Tom was feeling at this point.
On top of it all, CZ later tweeted that day, and he has been active since. Apparently, it was all a coordinated attack on Binance. Maybe to drive prices down, or for some other reasons we will never know.
Are There Any Lessons We Can Learn From Tom?
Oh yes. Many actually. I'll share some, and you can add yours in the comment section below.
Never take action based on FUD. When in doubt, verify
Don't make huge decisions with emotions
Before transferring large amounts, always send a test transaction
What did you learn from Tom? Share your thoughts below.
If you enjoyed this story, do give it a like and share it with others around you. Here at #Admiano I share crypto lessons in the form of stories, along with other analysis and market insights. You would do well to check them out.
And while you're there, do well to follow me. Catch you later!
Chad Tom Makes Crypto Gains
Tom got into crypto for the first time in 2020. He bought $BNB at $13, some cheap $SOL, $DOGE and $FTM on Binance. He held all with his diamond hands through the bull run and sold at the top. He's smart.
When Bitcoin took a dip, he stopped trading and kept all his funds on Binance. He made his money on the exchange, and trusted the exchange. I mean, why not?
What Tom knows how to do best is buying dips, hold and sell at the top. That was his plan for the next bull run, until something happened.
The Waves Of Binance FUD
Time was scrolling through Twitter one day and he stumbled on some Binance FUD. One of the news said Binance was insolvent. Another said Binance was commingling user funds.
Initially, he believed it was just one of those FUDS that pops up every now and then. Few days later, however, he saw a tweet that said CZ haven't tweeted for more than 19 hours, that he must've been arrested.
Tom got scared and decided to withdraw all his funds to his wallet. It's his money, so he can do whatever he likes with it. But something happened.
Tom wanted to deposit his money in a lending protocol to earn some yields. He felt his money will be safer that way till whenever he is ready to buy dips again.
All Money Lost, No Hope For Tom
His money was on the BSC network, but the lending protocol is on Ethereum network. So, he decided to use a bridge to transfer his money over.
What bridge did Tom Use? None other than Multichain, the bridge his friend recommended. Tom made the transfer and was waiting to receive his funds on the Ethereum blockchain.
Two minutes, 10 minutes, 1 hour... the funds never arrived. Tom was wondering what was going on. He asked his friend, Jude, who recommended Multichain to him what could be wrong. Jude told him to wait a while, that such transfers may take much time sometimes.
When Tom couldn't take it any longer, he went online to find out if anything was wrong with Multichain. What he found out shocked him to his bones.
He soon found out that the bridge was paused as a result of an exploit that saw $120 million stollen, weeks after the founder was arrested for fraud. Tom's funds was gone, and there was nothing anyone can do at this point.
Money he had held on Binance for almost two years, now lost just the one time he decided to withdraw. You can imagine how Tom was feeling at this point.
On top of it all, CZ later tweeted that day, and he has been active since. Apparently, it was all a coordinated attack on Binance. Maybe to drive prices down, or for some other reasons we will never know.
Are There Any Lessons We Can Learn From Tom?
Oh yes. Many actually. I'll share some, and you can add yours in the comment section below.
Never take action based on FUD. When in doubt, verify
Don't make huge decisions with emotions
Before transferring large amounts, always send a test transaction
What did you learn from Tom? Share your thoughts below.
If you enjoyed this story, do give it a like and share it with others around you. Here at #Admiano I share crypto lessons in the form of stories, along with other analysis and market insights. You would do well to check them out.
And while you're there, do well to follow me. Catch you later!
🚨 If you're using an iPhone, your crypto is being targeted by scammers. Share this with others to protect themselves from phishing scams
Many iPhone users in Web3 have recently reported getting phised and their wallets drained. From losing expensive NFTs like BAYC to loosing their long term crypto holds like BTC, ETH, SOL and others
It turns out that most of these persons who suffered this attack reported that they got a notification to reset their iPhone password. Exactly how this is possible remains to be seen at this moment
It is reported that data breaches has increased from 6 victims per hour to 97, a 1517% increase over 20 years! The average cost of data breaches per hour worldwide has also increased
And it also turns out that crypto folks are being targeted
💡 If you receive a notification to reset your iPhone password, ignore it! Doing that will likely get scammers to take over your phone
#Admiano
Many iPhone users in Web3 have recently reported getting phised and their wallets drained. From losing expensive NFTs like BAYC to loosing their long term crypto holds like BTC, ETH, SOL and others
It turns out that most of these persons who suffered this attack reported that they got a notification to reset their iPhone password. Exactly how this is possible remains to be seen at this moment
It is reported that data breaches has increased from 6 victims per hour to 97, a 1517% increase over 20 years! The average cost of data breaches per hour worldwide has also increased
And it also turns out that crypto folks are being targeted
💡 If you receive a notification to reset your iPhone password, ignore it! Doing that will likely get scammers to take over your phone
#Admiano
$650,000 raised to put $WIF logo in Las Vegas sphere where millions of Americans will see it every day!
This was fully funded by the community into a wallet that's multi sigged by Ansem and a few other Solana maxis
Did you contribute to this? There's rumours of future airdrops to contributors. That would be exciting for sure
With this move, it's clear that WIF is going to go much more higher. How high can this dog WIF hat go? Let me hear your price predictions below 👇
#Admiano
This was fully funded by the community into a wallet that's multi sigged by Ansem and a few other Solana maxis
Did you contribute to this? There's rumours of future airdrops to contributors. That would be exciting for sure
With this move, it's clear that WIF is going to go much more higher. How high can this dog WIF hat go? Let me hear your price predictions below 👇
#Admiano
71,000 United States 🇺🇸 dollars for one #Bitcoin(BTC)
But this isn't the top anon. All shorts will get rekt. It's been almost 3 years wait to get back to ATH, it won't stop at 3% above that
And with ETFs now on our side, that's unending but pressure. What about major alts?
A lot of them are close to ATH, and they will break soon and go much higher
What crypto are you bullish on?
#Admiano
But this isn't the top anon. All shorts will get rekt. It's been almost 3 years wait to get back to ATH, it won't stop at 3% above that
And with ETFs now on our side, that's unending but pressure. What about major alts?
A lot of them are close to ATH, and they will break soon and go much higher
What crypto are you bullish on?
#Admiano
In 2017/2018, Crypto Wizz had around $10,000 in his account. After trading for a while alll that money was gone.
"It even got to the point I was about to give up" - Wizz
Are you in a similar situation? If yes, the first thing to do is to identify the problem. What was the problem for Wizz?
🔸He followed the wrong people
🔸 He was chasing pumps.
The result? He nearly went broke!
I am sharing his experience with you so you don't have to go through the same thing.
And if that's your situation, learn from his experience.
Wizz spent most of 2019 and 2020 learning and researching. He says you can do it too. How?
🔸 Follow the right people
🔸 Don't FOMO and chase pumps
🔸 Don't get emotionally binded to a project
🔸 Take profits
🔸 Do your own research.
Today, Wizz is retired. Let his story inspire you
#Admiano
"It even got to the point I was about to give up" - Wizz
Are you in a similar situation? If yes, the first thing to do is to identify the problem. What was the problem for Wizz?
🔸He followed the wrong people
🔸 He was chasing pumps.
The result? He nearly went broke!
I am sharing his experience with you so you don't have to go through the same thing.
And if that's your situation, learn from his experience.
Wizz spent most of 2019 and 2020 learning and researching. He says you can do it too. How?
🔸 Follow the right people
🔸 Don't FOMO and chase pumps
🔸 Don't get emotionally binded to a project
🔸 Take profits
🔸 Do your own research.
Today, Wizz is retired. Let his story inspire you
#Admiano
