Bitcoin Just Flash Crashed

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Bitcoin flash crashed late Tuesday around 8 p.m. ET after trading sideways between $88,000 and $82,500 since late September.

The king of crypto has recovered from the lows and is trading above $83,000 at the time of writing, but sentiment feels bearish once again. As with most crypto crashes, no one can quite figure out why this happened. It could be that the Strait of Hormuz is still closed, with little to no mention of it reopening anytime soon. Brent was over $100 around the time of the crash.

It could be that 10Y and 30Y yields are at their highest levels since 2001, with little sign of any relief.

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Or… it could be connected to the fact that the U.S. government moved about 1,164 BTC to Coinbase Prime in the last day, while 3,952 BTC was routed into fresh, intermediate wallets. The latter move is procedural, but the move to Coinbase Prime appeared to tip off short sellers, immediately wiping out 106,952 traders across crypto futures markets, per CoinGlass. Total liquidations, mostly long positions, hit $608.34 million over the 24-hour window.