The thing about chasing a phantom – and let’s be honest, a lot of this crypto feels like chasing a phantom – is that it tends to vanish right when you think you got a good grip on it. Folks betting more than they could afford to lose on this Bitcoin business are finding that out the hard way. Whiplash don’t begin to describe it, not for the wallets anyway.
CoinGlass, a machine that counts these things, says over six hundred and fifty-five million dollars-good American dollars, gone-simply evaporated in the last twenty-four hours. Liquidated, they call it. Sounds real official, doesn’t it? Like washing dishes. Only, instead of soap and water, it’s just gone.
Now, timing’s everything, see. And wouldn’t you know it, this little dance of destruction happened right smack-dab in the middle of…well, you wouldn’t believe. President Trump, he had this idea about Greenland again. And tariffs. Always tariffs. Seems like thinkin’ about tariffs is cheaper than actually doing somethin’. Those EU countries wouldn’t play ball, and the whole market got the jitters. Like a nervous dog hearin’ a thunderstorm.
Bitcoin did a little jump-up, from eighty-eight grand to ninety, enough to leave the short-sellers howlin’. Seventy-five million down the drain for some of ‘em, just like that. Then, quicker than a politician changin’ his mind, it tumbled back down. One hundred and forty-five million more vanished into the ether. Folks got long, and then promptly NOT long, is what happened.
Then, wouldn’t you know it, Trump decided those tariffs could wait. Suddenly, Bitcoin perked up again, all the way to ninety. Another two hundred million gone. Shorts took the hit. Seems like somebody’s always holdin’ the bag, and it rarely seems to be the fella doin’ the tariff talkin’.
All told, there were ninety-six million in long liquidations, and one hundred and thirty-five million in shorts. Seems everyone’s losing, though conveniently, not the same everyone.
Ethereum, bless its heart, wasn’t left out of the party. One hundred and twenty-six million in longs went up in smoke, and another one hundred and twenty million in shorts. A regular bonfire of fortunes, it was.
As of right now, Bitcoin’s sittin’ pretty (or not, dependin’ on your perspective) at eighty-nine thousand four hundred and seventy-nine dollars. And Ethereum’s hangin’ in there at two thousand nine hundred and eighty-eight. Makes a man wonder if a good farm and a reliable mule wouldn’t be a better investment.
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2026-01-22 03:22