$950 million in long positions wiped out! Tech earnings week, crypto is staging a “battle royale”

About $950 million in leveraged positions were liquidated over the past 24 hours, 90% of them longs. Bitcoin has seesawed between $80k and $85k, while ETFs have seen net outflows of about $910 million for two straight weeks. This isn’t an ordinary pullback—it’s capital voting with its feet amid macro uncertainty.

My take: The crypto market has become entirely “news-driven.” New products unveiled at Nvidia’s GTC conference failed to lift its share price, which instead fell 3.35%, while markets are on tenterhooks ahead of Tesla’s earnings.

Risk appetite for crypto assets is tightly linked to tech stocks. During the Fed’s blackout period, any earnings shock or economic data could be the final straw for longs. Continued ETF outflows show institutions are actively reducing risk. Retail traders still holding positions are going against the trend.

Market impact: If Meta and Tesla earnings fall short of expectations, selling pressure on tech stocks will spill directly into crypto, and BTC will likely test the psychological $80k level again. Conversely, better-than-expected earnings would only offer a window for a short-term rebound, without changing the range-bound outlook.

What should traders do? Don’t make a large directional bet ahead of earnings. Watch two signals: whether BTC can hold above $80k and whether ETF outflows are easing. If it breaks below, play defense. Even if it holds, don’t chase the price—wait for greater clarity after the FOMC decision.

Want key levels and a directional outlook as soon as earnings are out? Follow Mige, and see you during the trading session.

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