One thing that was interesting about this last Bitcoin cycle was that degens were almost never allowed to significantly lever up.
Once levered longs started forming, they almost instantly got drop-kicked by 5 market makers.
In previous bull runs, degens levering up caused the blow off tops.
This is to be expected in the post-ETF era, but I didn't expect it to be as aggressive.
Pre-ETF: 20–100× perps → vertical melt-ups → liquidation cascades.
Post-ETF: basis carry (long ETF/spot, short futures) + dealer options + marginable ETF → bigger notional, lower directional beta.
- Upside: capped by call walls / long-gamma dealers.
- Downside: cushioned by basis unwind, dealer buying, AP/NAV arb.
Probably also has to do with how CZ, Brian Armstrong and the other big boys are in bed with the government.
Some of the big players might have been given the green light to stop-loss hunt more aggressively.
buckyfonds / Control-Plane Capital
npub1x9…p6rta
2026-02-02 04:44:21 UTC
Author Public Key
npub1x9hghmfunry8wcgg8s8w5e3drmkndw92r8qu0cp2l28u32aqqn9q6p6rtaPublished at
2026-02-02 04:44:21 UTCEvent JSON
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"content": "One thing that was interesting about this last Bitcoin cycle was that degens were almost never allowed to significantly lever up.\n\nOnce levered longs started forming, they almost instantly got drop-kicked by 5 market makers.\n\nIn previous bull runs, degens levering up caused the blow off tops.\n\nThis is to be expected in the post-ETF era, but I didn't expect it to be as aggressive.\n\nPre-ETF: 20–100× perps → vertical melt-ups → liquidation cascades.\n\nPost-ETF: basis carry (long ETF/spot, short futures) + dealer options + marginable ETF → bigger notional, lower directional beta.\n- Upside: capped by call walls / long-gamma dealers.\n- Downside: cushioned by basis unwind, dealer buying, AP/NAV arb.\n\nProbably also has to do with how CZ, Brian Armstrong and the other big boys are in bed with the government. \n\nSome of the big players might have been given the green light to stop-loss hunt more aggressively.",
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