GM to all of you nutcases. It’s Crypto Nutshell #746 fillin’ the bags… 🎒🥜

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BREAKING: Crypto Liquidations Top $2 Billion as Bitcoin Continues Slide, Ethereum Hits 4-Month Low

The crypto market just got hit with another reality check…

Over $2 billion in leveraged positions were liquidated in 24 hours - one of the largest flush-outs since September.

Bitcoin briefly dipped below $100,000 before rebounding, while Ethereum crashed to $3,097, its lowest level since July.

Roughly $1.6 billion of those liquidations came from long traders caught off guard by the drop.

Ethereum took the biggest hit, with $681 million in liquidations, followed closely by Bitcoin’s $644 million.

Altcoins like Solana, BNB, and XRP followed suit, dropping 6–10%.

“Too many traders were using borrowed money to bet on prices going up,” said Maja Vujinovic, CEO of FG Nexus. “The next few days matter. If Bitcoin can stay above $100K–$105K, it might simply be a healthy reset.”

Analysts agree the selloff isn’t a collapse, but a classic deleveraging event.

Bitcoin’s recent pullback comes after months of overheated speculation and record leverage - conditions that make shakeouts inevitable.

Hashdex’s Gerry O’Shea said the correction was amplified by “renewed macro jitters” citing fears over tariffs, credit conditions, and a potential Fed pause on rate cuts.

Still, sentiment isn’t fully broken.

The total crypto market cap remains around $3.5 trillion, and long-term holders are largely unmoved. (Despite some OG whales taking considerable profits)

In other words: this isn’t 2022. It’s leverage getting wiped, not conviction. 💥

And please let this be another lesson…

Don’t use leverage.

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Tom Lee just went back on CNBC - and safe to say he’s as bullish as ever.

Lee, the co-founder of Fundstrat Global Advisors and CEO of BitMine (NYSE: BMNR), says the biggest liquidation in crypto history (October 10th) wasn’t the end of the bull run - it was just the reset.

Here’s how he see’s the market right now:

While he see’s the market consolidating right now, he says under the surface, fundamentals are exploding:

And crucially - fundamentals are now leading price.

So where does he now see it going?

Lee’s calling for a year-end melt-up - not a meltdown.

And given his track record of buying when everyone’s panicking… it might be worth listening. 👀

Today we’ll be taking a look the overall stablecoin supply.

Stablecoins are the backbone of crypto liquidity, used for seamless trading and instant cross-border transactions.

The chart below tracks the aggregate change in the total stablecoin market cap.

Two weeks ago, the total stablecoin supply sat at $263.32 billion.

Today? $264.27 billion.

That’s a $950 million surge in the past 14 days. 🚀

Since January 1st, supply has grown by $79.23 billion, marking one of the fastest expansions in crypto history.

And here’s why that matters:

Stablecoins aren’t just digital dollars. They’re ammo.

Billions in ready-to-deploy capital, already sitting on-chain, waiting for the next opportunity.

Stablecoin supply doesn’t follow bull markets.

It fuels them. 🔥

Why Bitcoin ETFs started to bleed out as four-day outflows hit $1.34B. U.S. spot BTC ETFs shed -$186.5M Monday, -$1.34B over four sessions. IBIT led outflows as issuer dispersion and rotation themes returned.

Appeals Court Seems Unmoved by Sam Bankman-Fried’s Claims of an Unfair Trial. The former FTX CEO, who is currently serving a 25-year sentence for fraud, has repeatedly claimed that the crypto exchange was solvent at the time of its bankruptcy.

MARA and Hut 8 profits surge in Q3 as Bitcoin reserves grow. MARA and Hut 8 nearly doubled Bitcoin reserves and posted strong Q3 profits, highlighting North America's lead in Bitcoin mining and growing shift toward AI infrastructure.

Perp DEX volumes hit record $1.2 trillion in October as incentives, liquidations drive surge. Hyperliquid was the outlier among major perp DEXs as it ended the month about 16% below its peak two months prior.

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DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.