Yesterday, the crypto market experienced a classic long-short squeeze, driven by a sharp U-turn in macro expectations that triggered intense two-way liquidations. To put it simply: Pump first, then dump. On Thursday, Waller turned dovish (hinting that the Fed might hold rates steady in September), and $BTC surged from around 77K to above 82K. Shorts were liquidated en masse (short positions worth about $400M-$500M were wiped out), and leveraged longs jumped in to chase the rally. Then on Friday, the non-farm payrolls report hit hard: August added 162K jobs, compared to an expected 55K—nearly three times the forecast. Rate hike probabilities shot back up, the dollar and U.S. Treasury yields strengthened, and risk assets got hammered. $BTC plunged from around 81.3K to below 80K in minutes, liquidating those who had just chased the longs. In the past 24 hours, total liquidations across the market reached about $500M-$600M, with long and short positions almost evenly split. A textbook fake breakout + data reversal double whammy. At its core, it’s still about excessive leverage and wildly swinging macro expectations—those who chase pumps and dumps are the first to get wrecked. When macro expectations do a 180 in a single day, leverage becomes the fuel. Don’t chase this kind of market; wait for a clear direction before making a move.