💸 $100,000,000 liquidated from the crypto market in the past 60 minutes.
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⚠️ The #BTC capitulation metric has printed its second-largest spike in two years, highlighting a sharp escalation in forced selling. These stress events typically coincide with accelerated de-risking and elevated volatility as market participants reset positioning.
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📊 Roundtable Discussion on the 1011 Crash: Did It Cause the Market Drop? Who's Responsible? Thoughts on Binance's Summary Report
Albert noticed issues as early as August. ETH was surging, but options skew was inverted, indicating speculative rather than investment-driven buying. A large part of this crash was caused by mass liquidation of USDe loop lending strategies. Carry traders suffered badly, likely closing out at bad prices and re-entering hedges during engine/system failures at even worse prices — taking double hits. link
Albert noticed issues as early as August. ETH was surging, but options skew was inverted, indicating speculative rather than investment-driven buying. A large part of this crash was caused by mass liquidation of USDe loop lending strategies. Carry traders suffered badly, likely closing out at bad prices and re-entering hedges during engine/system failures at even worse prices — taking double hits. link
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🗣 Senator Cynthia Lummis stated that the majority leader has assured her that time will be reserved on the Senate calendar for the markup of the market structure bill.
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🇧🇷⚖️ Brazil moves closer to banning algorithmic stablecoins as a congressional committee approved Bill 4,308/2024.
The bill requires all stablecoins to be fully backed by segregated reserves and prohibits unbacked models such as Ethena’s USDe and Frax. It introduces criminal penalties of up to eight years in prison for issuing unbacked stablecoins and places compliance and risk-management obligations on exchanges offering foreign stablecoins like $USDT and $USDC. #regulation link
The bill requires all stablecoins to be fully backed by segregated reserves and prohibits unbacked models such as Ethena’s USDe and Frax. It introduces criminal penalties of up to eight years in prison for issuing unbacked stablecoins and places compliance and risk-management obligations on exchanges offering foreign stablecoins like $USDT and $USDC. #regulation link
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🇺🇸👀 #macro USA:
- Initial Jobless Claims = 231k (exp 212k / prev 209k)
- Continuing Jobless Claims = 1.844M (exp 1.850M / prev 1.827M)
- Initial Jobless Claims = 231k (exp 212k / prev 209k)
- Continuing Jobless Claims = 1.844M (exp 1.850M / prev 1.827M)
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