The Crypto Collapse: 45 Days From $126K BTC to a Mechanical Meltdown

The crypto collapse:

On October 6th, just 45 days ago, Bitcoin hit a record high of $126,272, worth $2.5 trillion.

Then, something "mechanical" seems to have shifted on October 10th, after President Trump threatened 100% tariffs on China.

Not only did this lead to the record -$19.2 billion liquidation, but Bitcoin never truly recovered.

Even when the October 30th trade deal was reached between the US and China, liquidation pressures only worsened.

Then, since November 10th, Bitcoin has moved in a literal straight-line lower with average daily liquidations nearing $1 billion.

Throughout the course of this 45-day bear market, crypto has seen little to no bearish fundamental developments.

We continue to believe this is a mechanical bear market driven by excessive levels of leverage and sporadic liquidations.

The market is efficient. It will iron itself out.

Source: https://x.com/KobeissiLetter/status/1991603958432035216?s=20