joshnomics

Over the last few days I’ve been posting about what Binance has been doing to this market since the hack, and today’s data makes it even clearer. Binance didn’t dump Bitcoin. A dump would have been obvious. One big red candle, everyone panics, and the market reacts. What I think they’ve done instead is bleed it slowly, a little more every day, so that nobody ever feels the need to fight back. Binance BTC perps saw over $1 billion more selling than buying. According to CoinGlass, $240.24M in Binance BTC longs were liquidated in 24 hours. There was no crash and no headline. Just steady, one-sided pressure that keeps growing while price drifts lower and longs get picked off one cluster at a time. Most people still think it’s chop, and that’s exactly why it works. Think about how a slow bleed plays on people. When price crashes, traders get scared and step aside. But when it only slips a little each day, it never feels dangerous. People see a small dip and buy it. They see another and add more. They move their stop lower because “it’s just chop.” And every time they do, they’re adding fuel for the next small wave of liquidations. That’s what makes it so effective. Nobody panics, so nobody leaves. The same traders keep getting drained over and over without ever feeling like they were part of a big move. So don’t try to catch a falling knife. A slow bleed is still a bleed. And at this point, it’s pretty obvious why Binance is known for market manipulation. I guess it was never about recovering losses.