OVERVIEW

Park And Bark 

Park and bark. It means do nothing but make a lot of noise about something. Today is a perfect example of that. Name the asset class and it was hammered today - crypto was no exception. And, surprisingly, a good chunk of the market recovered over 50% of its intraday losses. 🔨

How bad was it today? Over the past 24 hours, $1.2 billion in leveraged longs and shorts were liquidated in the crypto market. Most of it from the long side.

But do you know who hasn’t sold any Bitcoin today? Blackrock and Fidelity. I mean, that could change between now and tomorrow, but so far the on-chain analytics show their sitting strong - even adding. 😱 

I’m very interested in what tomorrow brings. Tuesday’s are called ‘Turn Around Tuesday’ - so let’s see if that holds true.

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

A MODERN INVESTOR CONFERENCE
Unlock The Latest Trends In Investing & Alternative Data 🔓

Stocktoberfest is back with an intimate event for executives, influencers, and the most active investors in financial markets. 🤝

Network with industry thought leaders like Howard Lindzon, Michael Batnick, Brian Shannon, Michael Parekh, and many more during the 2-day palooza.

Space is going quickly so grab your seat now, and we'll see you in beautiful Coronado, CA! 😎

NEWS
Crypto News In Three Sentences 📰

🐍 Jump Crypto Dumps $91M in ETH, Causes Market Chaos

Jump Crypto, in a move that screams “we love volatility,” decided to unload $91 million worth of $ETH over a low-volume weekend, turning the market into a rollercoaster. Their sudden fire sale contributed to Ethereum's price tanking below $2,200, leaving traders fuming and pointing fingers at Jump Crypto for the latest market mess. As they swap their crypto stash for stablecoins, Jump Crypto’s retreat from the crypto world is nothing short of a dramatic exit. More from Cryptopolitan.

🪙 Ripple Puts $10M into Tokenized T-Bills on XRP Ledger

Ripple is investing $10 million into tokenized U.S. Treasury bills, putting government debt on the blockchain for the first time. This move is part of $XRP’s master plan to merge traditional finance with the digital asset world, using TBILL tokens to showcase how blockchain can transform the stodgy world of finance. With OpenEden leading the tokenization charge, Ripple's play highlights the growing trend of dragging old-school finance into the crypto age. Full story from AltcoinBuzz.

🎉 dYdX Community Votes to Throw $5M at Traders and Update Software

The dYdX community has voted to sprinkle $5 million in $DYDX tokens on traders as part of its latest incentives program, because who doesn’t free stuff? With overwhelming support, they also approved some snazzy updates to market parameters and chain software, proving governance doesn’t have to be a snooze fest. Oh, and they're contemplating adding $MAVIA to their chain—because why not keep the party going? The Defiant has more.

💀 U.S. Market Loses $2 Trillion Because Why Not?

The U.S. stock market just kissed $2 trillion goodbye, thanks to tech stocks deciding that now is the perfect time for a nosedive. With big names like Nvidia and Microsoft taking a beating, it’s a rough day for the S&P 500, which thought it was flying high thanks to the AI hype train. Turns out, what goes up must come down, and investors are feeling the burn as recession fears make everyone panic. More from cryptodnes.

🚀 Bernstein Analysts Say Bitcoin Isn’t to Blame for Latest Market Crash

Bernstein analysts are telling everyone to chill out, insisting that Bitcoin isn’t the villain this time around, even as it tumbles below $50,000. Despite the market madness, they see no extra bad vibes for crypto and think Bitcoin might even bounce back as a “hard asset” when the dust settles. With institutional money still flowing into Bitcoin ETFs, the analysts think crypto’s not going anywhere, even if it’s having a rough patch. From The Block.

💰 Market Makers Dump $300M in ETH, Drive Price Below $2,200

Some of the big market makers decided to cash out $300M in $ETH, pushing the price below $2,200 because why let a good panic go to waste? Players like Wintermute and Jump Trading unloaded 130,000 ETH, adding fuel to the market’s fiery decline. As ETH clings to key support levels, everyone’s bracing for more sell-offs and the drama that comes with them. Full story at Cointelegraph.

💸 Nomad Hacker Sees Market Bloodbath as $40M Buying Opportunity

In the midst of the crypto market chaos, a savvy hacker decided it was time to drop $40 million on ETH, buying the dip like a pro. While most were panicking, this hacker saw a golden opportunity to snag ETH at bargain prices and quietly move it to Tornado Cash for a bit of cloak-and-dagger action. Just goes to show, even in a downturn, someone’s always ready to play the game. Protos has more.

🎲 Polymarket Bettors Bet Big on Bitcoin’s Drop Below $45,000

The bears are out on Polymarket, with a chunk of bettors placing their chips on $BTC sliding below $45,000 by September. As market turmoil continues to spook investors, everyone’s hedging their bets on further declines in Bitcoin and Ethereum. While the crypto market reels, some are banking on a Fed rate cut to bring back the bulls—because in crypto, nothing's ever boring. More at Decrypt.

🐕 Vitalik Buterin Dumps 17.1 Billion Neiros, Torches Meme Coin

Vitalik Buterin just torched the Neiro meme coin by offloading 17.1 billion tokens, causing a massive 60% price crash that left investors reeling. Neiro, which thought handing a chunk of its supply to Buterin would boost its value, learned the hard way that crypto whales can sink a ship just as fast as they can float it. As Neiro’s price tanked, the team asked Buterin to toss some of his gains to dog shelters, because why not sprinkle a little goodwill amidst the chaos? From Crypto-Economy.

🤑 Justin Sun Burns $37 Million on Ethereum, Because Why Not?

While the rest of the crypto world was busy crying over spilt ETH, Justin Sun whipped out his wallet and splurged $37 million on Ethereum. This move was executed via a shiny new wallet, where Sun snagged 16,236 ETH at a bargain-basement price of $2,279 each, proving he’s either a genius or just loves a good gamble. Even though the market chaos wiped $280 million off his Ethereum stash, Sun’s sticking to his buy-the-dip strategy. DailyCoin has more.

💸 Capula Management Throws Half a Billion at Bitcoin ETFs, Shrugs Off Market Dive

Capula Management, Europe’s fourth-largest investment manager, isn’t sweating Bitcoin’s plunge and has casually dropped nearly $500 million on Bitcoin ETFs, probably because they love a challenge. The SEC filing revealed that Capula is cozying up to Fidelity and BlackRock's spot Bitcoin ETFs. As Bitcoin's price plummets from $67,500 to $49,000, institutions like Capula are unfazed, buying more and proving they either have nerves of steel or way too much cash to care. Full story at Bitcoin Magazine.

Links That Don’t Suck 🔗

🐶 Dogwifhat price plunges over 75% since April peak

🪫 Nvidia chip delay compounds anxiety over recession risk, AI stocks slide

🙄 Peter Schiff slams Bitcoin: Price crash proves it can’t be a reserve asset!

👛 Ethereum interest plummets: New wallet addresses hit record low despite spot ETF launch

🤦 Sen. Warren and other Democrats press CFTC to 'promptly' finalize banning of political event contracts

Get In Touch 📬

Follow our social channels for great, real-time content on Stocktwits and Twitter. And check out our YouTube channel for in-depth video content! 📲

Email me (Jonathan Morgan) your feedback; I’d love to hear from you. 📧

Want to sponsor this newsletter and reach hundreds of thousands of crypto enthusiasts? Reach us here. 👍

Disclaimer: Stocktwits, Inc. (“Stocktwits”) operates the stocktwits.com website and Stocktwits mobile device applications (the “Apps”). Stocktwits is not a securities broker-dealer, investment adviser, or any other type of financial professional. No content on the Stocktwits platform should be considered an offer, solicitation of an offer, or advice to buy or sell securities or any other type of investment or financial product. Read the full terms & conditions here. 🔍