CoinDesk Podcast Network Why This Digital Asset Fund Fled to Cash Amid $19B Crypto Meltdown | Markets Outlook
Oct 17, 2025
Satraj Bambra, Managing Partner and CIO at Round13 Capital and co-founder of Rails, dives into the recent $19 billion liquidation in the crypto markets. He explains the mechanical failures behind the cascade and why his fund opted for an all-cash strategy amid bearish trends. Satraj contrasts overly optimistic Q4 forecasts with real macro risks and discusses triggers for re-entering the market, while urging traders to sit idle during low-volume conditions. He also touches on potential regulatory challenges for DeFi projects.
AI Snips
Chapters
Transcript
Episode notes
Mechanical Failure Sparked The $19B Cascade
- A mechanical oracle failure triggered a massive $19B liquidation cascade that drained liquidity across venues.
- That cascade reduced capital and trust, making it harder for the market to rebound quickly.
Liquidations Far Exceeded FTX Size
- The recent liquidation event reportedly wiped out about $19 billion, roughly ten times the size of FTX.
- Bambra expects more fallout and 'dead bodies' metaphorically surfacing as investigations continue.
Go To Cash Until Clear Bull Signals
- We moved our fund entirely to cash to avoid trading in thin, low-volume conditions.
- Re-enter only when Bitcoin shows sustained breakout and strong weekly volume above key levels.