Diamond Hands
May 21th, 2021
Bitcoin crashed nearly 30% on Wednesday, sending crypto markets into a full-on meltdown. By several measures, it was the worst single day since March 2020.
Volume, liquidations, futures, and ETH gas prices all went berserk simultaneously, as we discovered in a post-mortem. (The analysis is this week’s free Daily and available to all.)
Perhaps the most telling signal was BTC inflow to exchanges, which topped over 20,000 BTC in just one hour on Wednesday. That is the highest daily AND hourly inflow since Black Thursday in March 2020, when Covid-19 roiled global markets.
Miraculously, bitcoin prices rebounded in the same trading session, and Wednesday closed near to where
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