Bitcoin touched $81,050-its lowest level since April-while Ethereum ( CRYPTO: ETH) plunged 10%. Major tokens like Solana, XRP, and Binance Coin weren't spared either, losing between 20% and 35% from their November highs. Coinglass reported that 391,000 traders were liquidated, and the Crypto Fear & Greed Index sank to 11, a level not seen since the FTX collapse in November 2022.
Last year, Andrew Berger was riding high. The mortgage-trading team he oversaw at $12.8 billion hedge fund LMR Partners gained nearly $250 million in 2024, according to three people familiar with the matter. Now, the star trader is out at LMR after sharp losses in September, tied to a mortgage-backed securities bet, those people said, asking not to be identified because the information is private.