🐳 Daily Edition: Blood in the Water as BTC Slides to $75k

Needless to say this wasn’t a fun weekend for crypto bulls as Bitcoin dove back to $75k on Saturday, prompting about $2.3B in liquidations on futures traders in one of the bloodiest days in a long time. Of course this is just a small fraction of the whopping $19B on October 10th but these events add up quickly. The leverage in the market is just a continuation of a worrying trend we’ve seen for a while now; it’s my humble opinion that in a market as volatile as we have in crypto, adding leverage to the mix is both unnecessary and incredibly risky.

For some anecdotal evidence, 8 of the top traders on Hyperliquid last year (we’re talking $10’s if not $100’s of millions in profits) are now massively unprofitable. Even Garrett Bullish, the alleged insider trader who made tens of millions shorting the market just before Trump’s tariff announcements on October 10th, was liquidated for over $200M this weekend.

Piling onto the negative news, Tom Lee’s Bitmine is now sitting at a (unrealized) loss of about $6.6B. The unfortunate truth is all DATs are in the same boat here, even MicroStrategy. Because of their funding mechanisms, they tend to only have liquidity to buy when prices are going up; as it became an arms race to accumulate faster than competitors, they were all forced to repeatedly top blast. In fact, the unrealized loss across all Ethereum DATs is now $8B, the same amount lost in the collapse of FTX.

This price action, no matter how brutal to experience, really hasn’t changed my views on where BTC and ETH are eventually going. We’re in unprecedented times on so many levels including macro pressures, political mayhem, liquidity constraints, and the rise of attention-grabbing industries like AI that it’s hard for crypto to maintain the spotlight. The golden days of every altcoin running no matter how stupid it is are likely gone, but that doesn’t mean we won’t see pockets of incredible success when we break through the noise.

Hyperliquid giveth and it taketh away

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• Bitcoin’s price slide pushes most miner rigs into the red

Alt Coins and Stocks

• Strategy’s Bitcoin bet dips underwater as firm adds to $56 billion BTC stash

• Ripple secures full EU EMI license in Luxembourg following preliminary approval

New Launches

• Hyperliquid tests ‘Outcomes,’ moving into booming prediction markets and limited options trading

• Zama launches token, debuts privacy metric after more than $121 million shielded on Ethereum

Interesting Reads

• Stablecoin yield deadlock persists in White House crypto talks

• Jeffrey Epstein was an early investor in Coinbase, emails reveal

• Blockstream has no financial links to Jeffrey Epstein, Adam Back says

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