Ethereum gets short-squeezed and pops +11% to trade $1529 now on $27B of volumes — basically erasing the absolute calm we’ve seen for the past 3–4 weeks. A total of $636M in leveraged positions were liquidated across the three major markets (FTX, OKX, Binance) causing the largest squeeze since last July, and the largest squeeze in FTX history (FTX alone was $519M). Bitcoin follows and is up +5% to $20.4k on $55B of volume.
Speaking of exchanges, Bitmex’s Hoeptner has stepped down as CEO, continuing the wave of executives leaving the industry from the likes of FTX, Coinbase, and OpenSea. Matt Levine has published a 40,000-word article on the crypto industry as a whole, available on Bloomberg and Business Week (which fills the entire issue).
NFT volumes enjoy another day above the $10M mark, trekking at about $15M on the day. ETH-NFTs are $11M, Solana-NFTs are $1.5M, and Polygon-NFTs is north of $1.5M thanks to the Reddit Avatar NFTs trading on OpenSea. Sorare takes the top spot with $1.5M in turnover, tieing the spot with Reddit Avatars with ~$1.5M in volume. BAYC continues its momentum slotting in second with $1.3M on 15 trades. ArtBlocks continues to stay relevant with $1M in trades.
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