Altcoins Annihilated! BTC Flexes While VIX Spikes! 😤📉

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Markets

What to know:

  • About $560 billion (13.1%) has vanished from total crypto value since Oct. 6, Wiston Capital’s Charlie Erith quips, like someone ate the whole damn cake. 🍰
  • Tokens sans bitcoin, ether and stablecoins plummeted 33% in a hilariously brief 25 minutes, plus $18.7 billion in liquidations – talk about a bad hair day. 💥
  • He’s eyeing bitcoin’s 365-day EMA, bitcoin dominance, Strategy’s trend and the VIX, while chilling invested but unleveraged. 🧐

Friday’s crypto meltdown was a leverage-fueled shitshow that stomped on altcoins while bitcoin strutted like a smug queen – and the sequel depends on these sneaky signals, says Wiston Capital’s Charlie Erith, the crypto whisperer. 🙄

In his Sunday rant called “Crypto Crumble,” Erith spilled that the market minus bitcoin, ether and stables tanked 33% in about 25 minutes on Oct. 10 before clawing back to a mere 10.6% loss. And oh, $560 billion – that’s 13.1% gone poof since Oct. 6, plus $18.7 billion in liquidations. Yikes. 😬

He blames the spark on Trump’s Truth Social tantrum about extra tariffs on China, but honestly, the slide was brewing. Equities were partying while crypto looked like it hadn’t slept in weeks – a red flag he spotted like a proper drama queen. 🚩

Bitcoin? “Behaved largely as expected,” he says, drooping less than the gang, hugging its uptrend from late 2022 and yanking more market mojo as alts got battered. His fund? “Largely unscathed,” he smirks, because they were already playing defense. Hero or hustler? You decide. 🦸‍♂️

What Erith is watching next

He’s stalking bitcoin’s 365-day EMA as the ultimate bully line splitting bulls and corrections. A dip to $100,000 and graze wouldn’t shatter his eternal optimism if it holds – but bust through? Deeper doom alert. ☠️

Market breadth via bitcoin’s slice of the pie: The sell-off juiced a flight to safety, pumping bitcoin dominance. More of that with weak breadth? Red alert for alt fiends until the charts grow some muscles. 💪

Beyond, he’s using Strategy’s stock as the leverage litmus test. Four years back, dipping below its 365-day average foreshadowed bitcoin’s big boo-hoo. Staying high keeps hope alive; breaking low? Buckle up for more tears. 😢

Volatility’s the wildcard – VIX is climbing like a drama llama. History says better buys come at the spike, not the start, so Erith’s preaching patience while equity stress tans. 🦙

Positioning? Invested, no leverage, cash on deck waiting for calm. These crashes, per his wisdom, sometimes herald bigger boo-hoos, so signals must settle before he cranks the risk. 🎢

The crash wrecked alts horribly, while bitcoin’s monthly mini-drop rivals big-tech chic – proof of its rising badassery. Wankers. 🍺

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2025-10-12 21:41