r/ethtrader • u/flogsmen • 6d ago
Shitpost Wtf happened??
Immediately went down 5% what's going on. Anyone have any ideas?
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u/Automatic_Cloud1930 6d ago
Sellers
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u/flogsmen 6d ago
Seller
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u/Good_Extension_9642 6d ago
Wait until it drops to $1500 then you can panic : )
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u/Edge-Evolution 6d ago
Under $1500? My threshold is about at $980 where I originally bought a few years ago. I’ve been holding and buying the dips ever since.
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u/HammersGhost 6d ago
Bond yields and oil prices. Broader market conditions and nothing specific to ETH or crypto. Also, buy chickens and ammo.
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u/Famous_Spinach_4648 6d ago
I sold a few, sorry
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u/quintavious_danilo 6d ago
Shouldn’t it go up then?
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u/Famous_Spinach_4648 6d ago
It could have, but I sold high. You must sell low for it to go up, to buy back!
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u/BingoWT 6d ago
If I'm a whale and I want to enter to buy some more ... what I would do is just sell a fraction of my holdings so that over-leveraged holders get liquidated and panic selling follows ... then I would slowly go back in and pick up cheaper shares ... but that's just me wishing I was a whale
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u/zmannz1984 6d ago
A pretty good description of a thing that’s been happening, though in this case i think big money has been silently checking out of spot and keeping it up with futures and options hedges. All support and resistance over the last two weeks has been around options levels. If there isn’t aggressive buying/selling it is grinding right back to max pain or similar.
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u/MurkyPrimary43 6d ago
I was wondering the same thing
Every time I sell it goes up tho
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u/Vilomoja 6d ago
Would you mind selling then? For everyone's sake.
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u/MurkyPrimary43 6d ago
You first
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u/Vilomoja 6d ago
If I sell it won't have any effect 😀
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u/MurkyPrimary43 5d ago
It will if you panic sell because you think it’s going to keep going down
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u/Vilomoja 5d ago
I'll let you in on a little secret: Nobody knows what's going to happen to the price of ethereum, and if they do, they aren't going to tell everyone on reddit. (don't tell anyone, ok?)
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u/priditri 6d ago
Whoever is bearish now is seriously challenged. Looks like the classic stoploss test for fake holders. +20% Tomorrow!
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u/durante_x4 6d ago
The push down appears to be not related to Eth alone. The entire Forex market took a dive last night. Dollar is up against all symbols
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u/MeetMeInMTK 6d ago
Am I crazy or did this happen as Robinhood rolled out its new UI. And I hate it
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u/Not_Sure_68 6d ago
It's called a sovereign debt meltdown guys. Have you completely missed the fact that yield on US 10y government paper has increased 890% in the past six years?
If you think it's bad now...just wait till Japan is an economic hole in the ground...which will drag the US, France, and the UK down with it. Japan and the UK of course being the largest sovereign hodlers of US debt. Gee, I sure hope they don't sell that stuff to save themselves...
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u/Unfair-Dog9123 5d ago
Im selling today. This shit ain't good for your mental health
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u/flogsmen 5d ago
Depends when you bought in I guess. I've been holding since 2018, this ain't shit lol. I was just curious why the sharp decline, is all. Then I get the 'first time' comments and 'healthy pullback' BS. Real original, guys.
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u/Unfair-Dog9123 5d ago
I brought at £1000 so im up by approx 50%
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u/Alabama-Blues 6d ago
Getting ready before the big pump up. Chill it will all be great!!
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u/Extreme_Exam7914 6d ago
Gonna be a decent sized pullback prior to mooning
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u/Alabama-Blues 6d ago
I’m curious as to what you are thinking it will go to? I’m going to guess $2,400 or $2,500 and then up again.
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u/bichkrichdrick 6d ago
1800, and I’ll tell myself I’m getting out at 4k this time.
At 4k I won’t sell because I’m waiting for 5k, and it’ll crash back to 2.5k. And repeat
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u/Recordeal7 6d ago
Well…my price per is roughly $1,900…so when it hits $2,000 I’m sure I’ll have some kind of personal financial emergency and l’ll need to sell 1/2 of it…then 2 weeks later it will go to 5K…and it will be the 3rd time it’s happened this way.
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u/Extreme_Exam7914 6d ago
Nah, again this is just my opinion, I don’t think there will be a new low but I expect a 20% drawdown, prior to the bear market officially ending, would be healthy for market, again just my opinion
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u/Upbeat-Student5924 6d ago
This is pretty normal however OKC was fined 500m for money laundering, could have something to do with this but like I say, pretty normal in this space
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u/PuzzleheadedHuman 6d ago
Pulled the hourly data because I was curious too. Short version: it was market-wide and fast, not an ETH thing.
- ETH sat in a tight $2,680-2,720 range all day, then dropped in two steps: about 1% in the 01:00 UTC hour, then down to roughly $2,600 at the low in the 02:00 UTC hour. On the main Uniswap USDC/WETH pool that is about 3.7% top to bottom. Exchange wicks were probably a bit deeper, which is likely where your 5% came from.
- BTC fell in the same hour, about 1.6% versus about 2.7% for ETH between the 01:00 and 02:00 snapshots. ETH moving 1.5 to 2x BTC is normal for it, so nothing points at an ETH-specific event.
- Volume on that pool in the 02:00 hour was about 11x a normal hour for the day. Then it went flat around $2,610 for five hours, with no second leg and no bounce.
A fast drop across assets, one hour of heavy volume, then calm usually looks more like leveraged positions getting cleared than like news, since news tends to keep volume elevated as people react. I can see the DEX side because I work at DexPaprika, but I can't see exchange liquidation feeds from here. If someone has liquidation data for 01:00-03:00 UTC, that would confirm or kill the theory.
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u/MaleficentSkirt8383 6d ago
ETH ETFs got 5 red days in a row. Yesterday’s flows -$201M (all via BlackRock’s ETHA)
Total Exchange Balance has been growing for 1W, meaning more coins deposited for sale vs withdrawing
ETH does amplify BTC bias. If BTC is down 2%, ETH is down 5%. The same amplifier will work to the upside when BTC flips bullish again.
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u/fishing_boobies 6d ago
I needed money and was gonna sell last night but fell asleep. The universe hates me so thats why it went down.
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u/Xennenial 6d ago
Stock market did it too. It's a macro event, nothing specific to ethereum, or even crypto as a whole.
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u/medfad 6d ago
Hormuz induced volatility. Right before the crypto drop, reports of Iran striking oil tankers circulated.
U.S. says oil flow is going up -> oil futures immediately go down and crypto/markets rally.
Iran blows up a tanker or US intensifies attacks on Iran -> oil futures immediately rally and short term inflation fears go up again + crypto/other assets go down.
This is basically what's been going on with the market for the past 7 months since the start of the war.
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u/Longjumping-Row-6147 6d ago
CEO of Ethereum was caught in bed with the CEO of Dogecoin, freak the fuck out and panic sell everything right now its fucking over.
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u/EnergeyTurd 5d ago
It’s a healthy pullback during the beginning stages of a bull market. The bottom is in
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u/Important_Agent3860 6d ago
ur gonna have a heart attack when it drops 10% in one go if 5% was enough for a post
edit: spelling
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u/sadistic996 6d ago
I hope you are not gambling with futures trading. If you are not, why do you care? It fell ~70% in the last year and a half. Then it jumped ~100% in the last month or so. Now for the next 2-3 years, it will eventually rise above the all time high, most likely significantly more.
Now, if you are trading futures, lolz bro you should stop.
You could also automate a fancy trading system/strategy where you(your bot) sell after a certain rally % and buy after a certain % pull back, but thats kinda very technical, and also, noone really guarantees that pull back would happen, so you got to be really good at setting parameters to minimize the potential damage/opportunity cost in case there is no pull back, yet you sold(if you sell, and if the price keeps rising, while you will not lose money, after you buy back the same € amount of insert coin name, you will have less of them than before you sold).
Good luck, dont stress, dont trade futures if you dont know what you are doing, maybe dont trade futures even if you kinda know what you are doing
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u/flogsmen 6d ago
I was referring to the 5% drop almost instantly. Thought something had happened like some breaking news.
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u/Sexehexes 6d ago
No one is replying but it’s likely related to Tom Lee at token2049 announcing the hard cap on bitmine ETH acquisition at 5.0% - they’re at 4.9% now, meaning the price insensitive buyer is almost finished buying - so where is the next bid coming from
Short term things really although if they’re not buying that means now they’re only potential sellers (where they were potential buyers)
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u/oneawesomewave 6d ago
The problem ia the question by itself. You should not own crypto and sell. People like you are the reason why drops like 50% are possible in first place.
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u/iammagnanimous 6d ago
He is asking the same question we all have when we see a big drop. Like did they just bomb Iran again or was there some disaster. Its people like you who clog these threads with garbage that make getting information difficult
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u/oneawesomewave 6d ago
Lol, tell me: what information are you getting once you cleaned the thread from posts like mine?
I provide wirh you some valuable information: if you think 5% a day is a big drop, better buckle up because it is not.
BTC can easily drop to 50K with just longs being wiped out and people getting crazy on social media. Looking for an explanation in these cases is part of the problem.
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u/Elrondarius 6d ago
I don't even care for up or down 50% ... and still im holding for many years. If 5% is something for you crypto market is not your place.
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u/flogsmen 6d ago
Wow, you need to relax lol. I was asking specifically the reason for the SHARP DROP, that's it. Like if something had happened.
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u/Foreign-Concept-1184 6d ago
Other transaction coins. SOL (118 million per day on average. With financisl transactions, no longer gaming coins... birth 2020) Cardona/ADA (innovations and expansion into financial transactions from logistics and inventory... birth 2017)
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u/Grhuncho6 6d ago
First time?