Wipe Out
After tapping a fresh ATH near $126k on Monday, Bitcoin cratered ~18% by Friday evening as another tariff announcement hit a market already heavy with leverage. While its easy to write this off as just another correction, the flush notably triggered ~$19 billion in liquidations over 24 hours, making it the most severe wave of liquidations ever. Hyperliquid was the epicenter of all the carnage with about $10.3 billion of the day’s liquidations, implying ~54% of reported liquidations ran through one perp venue. Altcoins whipsawed the hardest, many down 30–80% before settling.
Sooo… what caused it? As Blockworks reports, it was an “escalating unwind of leveraged positions and a collapse in open interest.” In other words, someone big, with too much leverage, got carried out and there was nowhere to hide. Classic. Read more →
Galaxy Digital Cashes Up For Data Center Expansion
Galaxy Digital (GLXY) landed a new $460 million private strategic investment from a “leading asset management firm,” marking the single largest equity financing round the company has ever done. The company stated they plan to use the new funds to expand the power capacity at their flagship data center, Helios, located in Texas which has an existing multi-billion dollar deal for hosting GPUs with CoreWeave (CRWV). The raise involved a purchase of ~9 million shares from Galaxy and 3.75 million shares from certain executive officers of Galaxy, including founder and CEO, Mike Novogratz.
While the raise comes with some dilution for shareholders, new investors did capture equity at $36 per share – an indication that the rapid rise of GLXY share prices over recent months was no fluke. Separately, GLXY will be reporting Q3 2025 earnings on Tuesday, October 21. Read more →
BitMine crosses 3 million ETH
BitMine bought the dip… adding 202,037 ETH since its last treasury update on Octbober 6. The company now holds 3.03 million — worth around $12.6 billion. “The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of… We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.” Read more →
Polymarket traders accused of ‘insider trading’ Nobel Peace Prize Link»
China Renaissance Seeks $600 Million for BNB Crypto Treasury Link»
The spectacular collapse of David Bailey’s Nakamoto Link»
I’m Out of the Office. I’m Digging for Gold. Link»
Rare Earth Stocks Go Vertical After Report Pentagon To Go On $1 Billion Critical Mineral "Buying Spree" Link»
White House Close to Announcing Selig as CFTC Chair Nominee Link»
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