Ah, the crypto markets! They kicked off the week with all the enthusiasm of a cat being asked to take a bath. Bitcoin, the star of the show, was desperately trying to reclaim its throne at the $110K mark, but alas, it stumbled and fell flat on its digital face. As a result, the entire market capitalization took a nosedive below $3.5 trillion. Yes, you read that right—trillion with a “T.” Meanwhile, Hyperliquid (HYPE) decided to throw a party, skyrocketing to a new all-time high of nearly $40, leaving Chainlink and Sui in the dust. But hold your horses! The bulls seem to have run out of steam, and HYPE is now nursing a 3% hangover since the early trading hours. 🍹
In the land of the not-so-lucky, tokens like Pi, BONK, SPX6900, and Sui are experiencing a bit of a meltdown, dropping 4% to 5%. The other altcoins are also feeling the pinch, but just a smidgen, which suggests that the bulls are still holding on for dear life. Surprisingly, no major liquidations have been reported in the last 24 hours, with total liquidations hovering around $200 million. But wait! The Bitcoin whales have started to sell, which might just be the reason for the current gloomy price action. 🐋
According to the wise folks at Glassnode, the whales with more than 10,000 BTC are cashing out, while the smaller fish are busy accumulating. This little dance of the smaller portfolios indicates a growing confidence among investors—like a toddler taking its first steps. Meanwhile, the big institutions seem to have hit the brakes on BTC accumulation, as the spot ETF flow has been negative for five days straight. Talk about a party pooper! 🎉
Despite the chaos, traders are still feeling optimistic about Bitcoin, expecting it to grow nominally. They’ve even piled on high leverage just above the all-time high, which suggests they’re betting on another upswing. It’s like watching a high-stakes poker game where everyone’s all in! 🃏
This all points to the shorts bracing themselves for yet another pullback from the highs near $111,200, which could liquidate over $70 million in shorts. So, what does this mean? Well, it seems the bulls are still in control, despite the short-term hiccup. A significant rebound could be just around the corner, leading Bitcoin to a new all-time high. Buckle up, folks! 🚀
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2025-05-27 10:28