Bitcoin experienced a strong sell-off yesterday, as the price plummeted all the way down to $8,000, marking a new three-month low. Although the reasons for the dip are still unclear, analysis of the trading volumes in the derivative a...
Bitcoin experienced a strong sell-off yesterday, as the price plummeted all the way down to $8,000, marking a new three-month low. Although the reasons for the dip are still unclear, analysis of the trading volumes in the derivative and spot markets can give us some insight.
Derivatives Market
Source: CoinAPI, The Block
Most of the bitcoin price drop occurred within a one-hour time span, between 6:45 p.m. UTC and 7:45 p.m. UTC, where the price decreased from about $9,300 to $8,000 (a 14% decline). Looking at Bitmex and Deribit, we can see that the hourly trading volume for BTC perpetual contracts rose substantially around this time.
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source https://www.tokentalk.co/The Block/taking-a-deeper-look-into-yesterdays-bitcoin-price-drop-5d8bf6213760a02d24e94915
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