Bitfinex Alpha | After the Carnage, Still Some Hope
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Bitcoin moved from above $126,000 last week to briefly below $103,310, marking an 18.1 percent drawdown and triggering the largest liquidation event in crypto history by notional value. Ether fell from $4,750 to $3,500, while several altcoins saw momentary declines of over 80 percent amid vanishing liquidity. Roughly $1 trillion in total market value was erased within three hours on Friday 10, October, as total crypto market capitalisation briefly plunged 22.6 percent from its October high of $4.26 trillion to $3.3 trillion. More than $19 billion in positions were liquidated in a single day, dwarfing previous records set during the COVID crash and FTX collapse.
