Degen

If people keep using giga-leverage, market makers will remain incentivised to chop the market up.

Heavy amount of eth longs will get liquidated if we drop to 2550. Shorts get liquidated around 2750.

This setup incentivises MMs taking the path of least resistance - free cash for the taking if they drop eth by $70.

And there it is, eth longs at $2550 drained.

Wouldn’t rule out a return to $2700 following this. Lot of shorts there for the taking.

Will depend on how the market re-arranges liquidity for the Monday open imo.

Steer clear of leverage atm. Kraven the Hunter shit going on out there.

e/acc || Building @ /nova || Catgirl maxi @ /imgnai || Dogecoin core dev 2013/14

Fascinating state of the market right now, big liquidation event started a new meta and putting all leverage traders out of business 🫡 

One of my positions jumped from 50% LTV to 80% back to 40% during the event.