Data Shows Crypto Market Carries Nearly the Same Leverage as Before 10-10 Crash
- —$487.02 million in longs liquidated in 24 hours — roughly $248 million per 1% drop in BTC
- —On 10-10 that measure hit about $2.2 billion per 1%, roughly nine times higher
- —BTC and ETH funding topped 8% annualized on only 1 of 28 exchange-days this week
- —Ethena's USDe supply is down 66% to $4.99 billion since October 10
Why it matters: If funding stays below 8% through the Oct. 27-28 Fed meeting, a 10-10-style liquidation cascade looks unlikely.
Source: BeInCrypto