fake ETF news just wiped over $150 Million of positions in a few minutes

It all started with news coming from the unreliable garbage news site Cointelegraph:


They proof once again that they should never be taken serious or even deserve any attention to play with a such sensitive topic without proper confirmation.

Blackrock confirms the news were fake ( source Bloomberg ) :


Right after the news arrived, Boomberg ETF analysts already had their doubt. Massive red flag when people like those that are on a high professional level ask an entity like Cointelegraph for sources…


Everyone got rekt


The chart above shows the minute chart price action on the fake published news. Volume spiked heavily, open interest as well same as liquidations.


Bears & Bulls got liquidated

on the way up over 110 Million shorts got rekt. All ranging from 28k -> 30k.


Right after, all positions on the way up also got rekt due overleveraged gamblers betting on a further rise. A quick -30 Million were also completely rekt all the way back down.

1.2 Billion open interest got wiped out


This metric is even crazier because this also shows all the positions in general that were opened around that time but also closed. It looks like a huge amount of longs took profit all the way back down while others caught a falling knife.

Generally speaking, I wouldn't personally pay much attention to unreliable sources confirming ETF only from a single entity. Usually, if one ETF gets approved, they all get approved. This is mostly for fairness reasons and the SEC not getting in trouble for favoritism as they declined / delay all of them so far for general reasons and not specific once.

While this might be disappointing for most keep in mind that this doesn't change the fact that the chances for an ETF approval are still very high. Analysts currently give it a 90%+ chance to happen, some even say it has high chances to happen this year.

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50 thoughts on “fake ETF news just wiped over $150 Million of positions in a few minutes”

  1. Cointelegraph possibly just manipulated the market. Someone in their team could have gone for a 750x leveraged long position before making that tweet, sold in next 10 minutes and pocketed millions.

  2. This proves that hype rules the entire market.

    Tokenomics or use case doesn’t mean anything. All it takes for a coin to rise are news articles and popularity. Actually kind of sad, not gonna lie.

  3. Coin telegraph should be held accountable for posting fake news and then deleting the tweet.

    Won’t be surprised if they bought shit ton of BTC before posting that news and then after taking profits removed the tweet. Pathetic.

  4. I will bet my left nut that not “everyone” got rekt.

    Someone just made a fortune!

  5. Yeah, it was quite obvious since no big media outlets were reporting it, this made me think about the “Walmart using Litecoin” news back in 2021.

    Name a more iconic duo than “Crypto and Fake news”.

  6. You know who didn’t get rekt? All of us NOT playing with margin trading!

    This is a prime example of why you should avoid that shit, one bit of fake news and shorts and FOMO longs all just got destroyed.

    My portfolio on the other hand is basically the same as when I woke up, very refreshing!

  7. Con: you lose your job at Cointelegraph

    Pro: you planned it well, and made a ton of money by manipulating the market

  8. This is awful news and news websites should be held accountable for publishing fake news that can move markets.

    On the plus side I guess it shows what even just news of an etf being approved would do.

  9. The big question is whether this was planned all along by whoever tweeted that or if it was a genuine mistake. Not that it would make CoinTelegraph any less guilty of extreme misreporting, but at least they would ditch the market manipulation accusations🤔

  10. Once again:

    (1) don’t do silly things like leverage

    (2) stick to your plan => DCA into your fav. coins/tokens

    (3) have cash ready in case something wild happens

  11. That’s a lot of power to abuse. Hopefully CoinTelegraph suffer some consequences for this crap

  12. It’s absolutely brutal. You’re also just giving people ammunition not to approve the ETF

  13. Insane how those fakes can move the market… rip to all who lost there some.

  14. It was nice to see a +5% alert from Bitcoin again, ngl… I’d forgotten what that felt like.

  15. New low for crypto journalism. This is beyond incompetence. I’m guessing an investigation will find this was the plan all along.

  16. Step one- CTG tells their friends they are going to post

    Step two- profit

    its that easy for some people

  17. Cointelegraph now says:

    > We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF.
    > An internal investigation is currently underway. We are committed to transparency and will share the findings of the investigation with the public once it is concluded within 3 hours.
    > 10:32 am · 16 Oct 2023· 119.7K Views

  18. Ah, good ol’ market manipulation.

    That’s one of the reasons I don’t mess with leverage.

  19. Very unfortunate for all the people who got screwed over but it also shows the risk of playing futures in something as volatile and open to manipulation as crypto is.

  20. So a media outlet published fake news to manipulate the market.

    Where’s the SEC with all their CoNsuMeR PrOtecTioN?

  21. Sitting at my desk drinking my morning coffee I see BTC gain $2k in like 10 minutes I almost did a spit take. Then right back down… just another Monday in the crypto market.

  22. Saw the pump and immediatly thought of the etf and came here to check. Cointelegraph just Lost all credibility.

  23. This doesn’t bother me. Gives me a glimpse into the future when a ETF is approved and what will happen

  24. BlackRock probably got the behind closed door approved. Realized they could pick up all their BTC at a discount, knowing that the real announcement would make them millions.

    They probably got it right.

  25. This is so weird. I had dreams last night that the ETF was approved and the bull run suddenly spiked fast and started. Maybe I need to lay my eyes off the charts.

  26. Cointelegraph needs to go. This is some shady shit and someone needs to be held accountable.

  27. Insider leverage squeeze or tin foil hat conspiracy?

    The SEC is desperately looking for another excuse to delay the ETFs.

    This incident certainly gives them something to point at.

  28. There’s no doubt in my mind this was a deliberate, calculated fake news announcement to drive the price higher for those already positioned to profit from the inevitable pump.

    For people who are unaware how leverage/margin trading works, you may be thinking “what’s the big deal, it was only 7% or so”. It doesn’t sound like much on the face of it, but if you have big pockets and leverage up, it can yield massive profit:

    Here’s an example:

    A trader has $100,000 in their account. This is a modest amount for professional traders who have been doing this for years. The trader opens up a 50x leverage long, using the entire $100k as margin.

    So their position size is now (100,000 x 50): $5m.

    In normal circumstances, they’d be taking a huge risk. If Bitcoin were to drop just 2%, they’d be liquidated (lose their $100k). To demonstrate how easy that could happen, it would be Bitcoin going from $26,000 to $25,480 – in other words, the kinda thing that happens almost daily.

    But….our sneaky trader knows this ‘news announcement’ is about to hit the world. And once it does the price rockets a massive 7%, in just 3 minutes.

    They close their long at 5%, trying not to be too greedy. And there you have it: in just 3 minutes, they’ve made a cool $250,000.

    Now imagine 10 people doing this. Or their trade size being greater than $5m. It’s a lot of money, in a very short space of time.

    On the plus side: if Bitcoin goes the way I think it will, there will be such announcements in the coming years, and next time they’ll be legitimate. For example, if (when!) Apple announce they’re including a native Bitcoin wallet in all iPhones, you’ll see green candles like today.

  29. I wonder how the markets will react when the real ETF’s will get approved, I bet people will still manage to get rekt 🤦‍♂️

    I sleep tight at night, knowing I’m not a degen who gambles with leverage, I’m a degen who goes long term 🤷‍♂️

  30. We try to allow both sides of any story, so their published response article can be found here:


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