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One of crypto's biggest haters finally gave in
Plus: Everyone in Season 8 needs to see this |
If your neck hurts, it's not you. It's the market. Bitcoin dropped to $84K yesterday, snapped back toward $90K, and basically gave every trader the kind of whiplash chiropractors put on posters. This was partly because there are signs that the macro shock that triggered yesterday's selloff (read all about it here) stopped escalating: 👉 Global markets opened higher; 👉 Stocks were green; 👉 Bond markets stabilized; 👉 And volatility cooled off. Basically, the big markets calmed down, and crypto traders took the hint.
Once global markets steadied, the internal crypto pressure started to unwind too. Forced liquidations, which drove a huge chunk of yesterday's drop, fell by ~60% today. That's a big deal because liquidations only spike when traders are getting squeezed by continued volatility. When they collapse like that, it's a real-time sign that the market isn't under the same stress anymore. And then came the final piece: the ETF flow numbers. It turned out Bitcoin ETFs had $8.5M in INflows yesterday, not outflows. Which isn't much when it comes to ETFs, but it still helped reinforce the idea that the market had absorbed the shock without falling apart.
So yeah... Yesterday: macro shock → selloff → forced liquidations → screaming into the pillow. Today: macro stabilizes → liquidations collapse → ETF data shows no institutional exit. The bad stopped getting worse, and in crypto, that can be enough to flip the vibe.
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