Crypto Catastrophe: A Dreadful Day for Digital Dollars! 💸😱

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Ah, the crypto market, that delightful rollercoaster of fortunes! It seems that in the wee hours of Friday, as the sun rose over Asia, Bitcoin (BTC) decided to take a nosedive below $105K. How charming! The global crypto market cap, too, took a tumble, losing nearly 3%—a staggering $150 billion vanished faster than a magician’s rabbit! 🎩✨

Our beloved altcoins, including Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), and SUI, all joined the party of despair, plummeting by 3-6%. And let’s not forget the meme coins, those whimsical little jesters, who suffered the most—Dogecoin (DOGE) and Shiba Inu (SHIB) fell nearly 11%! Oh, the humanity! 😂

To add a cherry on top, the Crypto Fear & Greed Index has dropped from a rather optimistic 74 to a rather gloomy 60. It appears our investors are feeling a tad bearish today. 🐻

Why, Oh Why, Is the Crypto Market Crashing Today?

$750 Million in Crypto Liquidations

In a spectacular display of financial acrobatics, crypto liquidations soared past $750 million in just 24 hours! A staggering $380 million was liquidated in a mere 4 hours—talk about a quick exit! Over 196,000 traders found themselves liquidated, with the largest single liquidation order of BTCUSDT valued at $12.74 million on the illustrious exchange, OKX. Bravo! 👏

Not to be outdone, $660 million in longs and $90 million in shorts were also liquidated. BTC, ETH, SOL, XRP, DOGE, and SUI all joined the liquidation parade, triggering a broader market crash. What a show! 🎭

“Hyper Trader 0x5078c2fbea2b2 came within $27 of full liquidation on #Binance flush. Closes 1000 BTC – still open long 1687 $BTC 40x liquidation level $104600.”

— MartyParty (@martypartymusic) May 30, 2025

$11.6 Billion Bitcoin and Ethereum Options Expiry

The pièce de résistance of today’s calamity is the $11.6 billion in Bitcoin and Ethereum monthly options expiry on Deribit. Traders, in their infinite wisdom, were anticipating a pullback amid market uncertainty. How quaint! 🧐

According to the ever-reliable Deribit data, 93K BTC options with a notional value of almost $10 billion are set to expire today, with a put-call ratio of 0.88. The max pain point is $100,000—oh, the irony! 😅

Moreover, 624K ETH options with a notional value of over $1.62 billion are also set to expire, with a put-call ratio of 0.81. The max pain point is $2,300, which is rather higher than the current price of $2,630. How delightful! 🎉

According to Greeks.live, ETH is experiencing an upward shock that seems to be slowing down. The market has recalibrated, and volatility has risen slightly. It appears that crypto institutions are not reacting much to new highs. The expectation for a near-term surge? Low, my dear friends. A steady, moderate rise is on the horizon. 🌅

US PCE Inflation Data Release

Meanwhile, traders are also keeping a keen eye on the US PCE inflation data release due today. The annual PCE is expected at 2.2%, down from 2.3% last month. How thrilling! 📉

The annual core US PCE inflation is also expected to fall to 2.2%, with the monthly core PCE expected to rise 0.1%. What a delightful conundrum! 🤔

As I pen this, Bitcoin (BTC) is trading at $106,146, and Ethereum (ETH) is changing hands at $2,638. The market has witnessed a slight rebound, thanks to some brave souls buying the dip and the US SEC’s decision to end its long-running lawsuit against Binance. How positively riveting! 🥳

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2025-05-30 07:01