Who Breaks First: ETF Cost Basis Part 2/3 In Part 1, we found the floor: $80,000 in aggregate cost basis beneath $127 billion in institutional capital. But that analysis treated the ETF complex as a single entity. It isn't. The aggregate is an average across 11 issuers with 11 different strategies, 11 different investor bases, and 11 different pain thresholds. Averages flatten the story. The real action lives in the dispersion.
Bitcoin's Great Rotation: Who Bought the Dip and Why It Matters Over 100,000 BTC woke up. Coins dormant for five years or more - last moved when Bitcoin traded below $20,000 - changed hands at $90,000+. Long-term holders who survived multiple cycles, held through 70% drawdowns, and watched their positions grow 10x finally took profits near the top. Find out more in this analysis!
The Leverage Purge: How $8.55B in Liquidations Reset the Market $8.55 billion liquidated in 57 days. Over two-thirds - $6.08 billion - came from longs. The market was crowded on one side, and when the price turned, the unwind was violent. October 10 was the breaking point. $2.28 billion was wiped out in a single day as cascading liquidations triggered more liquidations. Overleveraged bulls who had chased the rally to $125,000 got margin called on the way /down. Price fell from $117,125 to $88,575 - a 24.4% drawdown that erased months of gains in weeks.