「Buddy」 went from a floating profit of $44.5 million to losing the entire principal of $10.6 million within 22 days

On October 11th, based on market data, the U.S. stock market closed on Friday. The Dow initially dropped by 1.9%, the S&P 500 Index fell by 2.7%, and the Nasdaq Composite Index declined by 3.5%. The Nasdaq and S&P 500 indexes witnessed their largest single-day declines since April 10th. Cryptocurrency stocks also fell in unison, including: Coinbase (COIN) decreased by 7.75%. Circle (CRCL) went down by 11.66%. MicroStrategy (MSTR) dropped by 4.84%. Bullish (BLSH) fell by 9.44%. Bitmine (BMNR) decreased by 11.22%. SharpLink Gaming (SBET) went down by 9.65%. BTCS (BTCS) dropped by 12.7%. BNB Network Company (BNC) decreased by 7%. ALT5 Sigma (ALTS) fell by 8.82%. American Bitcoin (ABTC) dropped by 9.16%. Eightco Holdings (ORBS, formerly OCTO) increased by 16.59%. New SOL Treasury Stock Helius (HSDT) decreased by 12.91%. BTC Treasury Stock Kindly MD (NAKA) went down by 7.22%. New stock Figure (FIGR) dropped by 12.03%.

On October 11th, the crypto KOL and former FTX Community Partner, Benson Sun, posted on social media today that in the early morning, many meme coins witnessed a drop of more than 60%. In the past, extreme liquidation events usually had a scale of around 10-20 billion US dollars. However, this time, it has expanded tenfold. The sharp drop in the stock market leading to a decline in the crypto market was originally reasonable. But the massive short-term evaporation of the market capitalization of meme coins is highly unusual and not like a normal liquidation due to excessively high leverage. It is more similar to a large-scale market maker actively withdrawing liquidity, resulting in an instant deep vacuum in the market. The downturn of meme coins is even more intense than the 3/12 and 5/19 events. This round of deleveraging can be described as the most thorough one in this cycle. The market bubble has been completely squeezed, and the risk leverage has returned to zero. The outlook fo

On October 11th, as per the monitoring of Onchain Lens, a newly established wallet address withdrew 24,409 ETH from Kraken two hours ago, with a value of $93.18 million. In addition, a whale address beginning with 0xedf received 8,914 ETH from FalconX, amounting to $34.10 million. Currently, it holds 28,933 ETH, with a value of $110 million.

On October 11th, based on the monitoring data from HyperInsight (accessible via https://t.me/HyperInsight), Gen Z trader Ray (with X: 0xRay518) established a new long position in BTC 7 hours ago at a price of $111,200. Through a scaling-in strategy, he accumulated approximately 548 BTC. The current long position value of this address is approximately $61.81 million. Currently, the account is experiencing a floating loss of $1.56 million. Previous trading records indicate that Ray achieved a profit of $6 million with only a principal of $240,000 within a month, and had a single-day highest profit record of $5.92 million USDC. BlockBeats reminds investors that the recent cryptocurrency market has witnessed a significantly increased level of volatility, and investors need to pay attention to risk management.

On October 11th, based on Coinglass data, if Bitcoin rebounds and exceeds $11.8, the total short liquidation intensity of mainstream CEX will reach $2.078 billion. BlockBeats Note: The liquidation chart does not display the precise number of contracts to be liquidated or the exact value of liquidated contracts. The bars on the liquidation chart actually represent the significance of each liquidation cluster in relation to neighboring liquidation clusters, that is, the intensity. Therefore, the liquidation chart shows to what extent the price of the underlying asset will be impacted when it reaches a certain level. A higher "liquidation bar" indicates that the price will undergo a more intense reaction due to the liquidity shockwave.

On October 11th, Andrei Grachev, the managing partner of DWF Labs, posted on social media that neither DWF nor its affiliated entities were liquidated during this recent crash event.