$1.9 billion in liquidations! BTC and ETH both break down, but institutions are starting to “split” Last night and this morning, the crypto market took another heavy blow, with prices turning into a “bloodbath.” Bitcoin plunged to a low of $63,311, its lowest since August 17; Ethereum fared even worse, briefly dropping to $1,731, a new low since July. The trigger was technical: after BTC fell below its 200-day moving average (around $73k), liquidation engines opened the floodgates, leaving longs no chance to escape. About $1.9 billion in positions were liquidated across the market in 24 hours, including $684 million in Bitcoin and $466 million in Ethereum. Almost all were long positions—leveraged bulls got another harsh lesson. But even more striking than the prices was the “split personality” in capital flows. U.S. spot Bitcoin ETFs saw $1.88 billion in net outflows in November. BlackRock’s IBIT alone saw $1.77 billion leave, accounting for as much as 94%. It has seen about $2 billion in redemptions over nine consecutive trading days, fleeing faster than anyone else. On the other hand, Morgan Stanley bought about 735 BTC through MSBT on dips this week, bringing its total holdings to 11,625 BTC, while also transferring nearly 25k SOL to Coinbase, possibly to trim its holdings. The same institution is buying BTC and selling altcoins—its stance is plain to see. Regulators have been busy too. Trump nominated four people to the SEC and CFTC in one go, and both CFTC nominees were deeply involved in drafting the CLARITY Act. The personnel chessboard for crypto regulation is already taking shape. On the altcoin front, Arthur Hayes’ Flop Labs confirmed it will launch a testnet and airdrop on November 24, finally giving the dull market a small reason for optimism. In short: fear is still spreading and liquidations haven’t stopped, but big players are already at odds internally.

This trade is still performing well. I just chose to lock in profits. $BARD . ROI: 185% Profit: 854 USDT Market dynamics: $ETH : Current price 1,720.54 - 24-hour change: -10.82%$SOL : Current price 68.82 - 24-hour change: -11.06%

Down 10.52%, SOL lost a tenth in one day, while its trading volume ranked third overall. ‍$SOL I remain bearish on SOL futures: the take-profit target in my post overnight was 71.73, and it was hit at 3:15. Those who followed along made another profit on this move. It plunged from 73.4 to 68.51, falling 6.7% in three and a half hours. The rebound at 8 a.m. peaked at just 70.64, not even coming close to 71.73—the bears still have the upper hand. It’s now moving sideways around 69.5, with the 24-hour low of 68.53 right underfoot. My take-profit target is 68.39; a break below that would mean a new low. If it gets above 71.73, I’ll admit I was wrong. Stop-loss: 71.73. Next, watch whether 68.39 breaks: if it does, I’m looking below 68; if it holds, the first thing to watch is whether the rebound can get back above 71.73. We’ll find out tonight whether 68.39 breaks—are you siding with the bears or buying the dip?