Rich Rosenblum: Bitcoin is approaching the bottom of its long-term trend channel.

Trader AguilaTrades (0x1f25...f925) opened a 40x leveraged long position of 1000 BTC about 30 minutes ago, with a position value of approximately $64.4 million. Currently, the unrealized profit exceeds $1.8 million. AguilaTrades made $5.66 million in trading profits over the past week, primarily from shorting BTC.

BTC is currently priced at $64,371.55, down 4.54% in the last 24 hours. In the past hour, the total liquidation amount across all contracts was $120 million, primarily due to short positions. BTC liquidations accounted for $76.21 million (63.25%). This data is for reference only.

The cryptocurrency market has lost more than $500 billion in market value in the past 10 days. Historically, there have only been four instances where the market capitalization shrinkage over 10 consecutive days exceeded that of this round, occurring in May 2021, October and November 2025, and February 2026.

GSR co-founder Rich Rosenblum stated that Bitcoin's drop below the 200-day moving average triggered a liquidation of leveraged long positions and attracted traders to establish short positions, indicating that Bitcoin is approaching the bottom of its long-term trend channel. Since October 21, Bitcoin has fallen by approximately 25%. From October 30 to November 13, US spot Bitcoin ETFs saw net outflows of nearly $3 billion. The market was also affected by rising interest rate expectations, risk aversion in the AI sector, and the Binance hack. Richard Galvin, executive chairman of DACM, believes that Anthropic's upcoming IPO may shift funds away from the cryptocurrency space, which remains a short-term funding source for retail investors. (Source: Bloomberg)

Machi bought Bored Ape 2894 for 125 ETH 5 years ago and recently sold it for 7.3 ETH, losing 117.7 ETH, or about $204,000. Machi sold Bored Ape 2894 to raise funds for highly leveraged trading.