BTC is moving through its most active week of the year, and the expected is happening. Sudden buy/sell orders are causing price fluctuations. We saw the king of cryptocurrencies climb to $47,248 yesterday. This impressive rise was triggered by high-volume purchases within about an hour. However, these high-volume transactions are still ongoing.
Why Did Bitcoin Fall?
No, a decision on the spot Bitcoin ETF has not yet been announced. However, major players continue to shake the markets with high-volume trades. We saw the price of BTC suddenly drop from $47,000 to $45,500 within 15 minutes. At the time of writing, BTC is at $46,500.
Especially the increasing volumes on the CME side are causing more volatility in the futures market. We will continue to see spikes in liquidation accumulation zones in both upward and downward directions. The cost of the last move was the wiping out of $400 million worth of open positions and $36 million in liquidations. But the good news is that a new $200 million position was opened immediately. So, rather than being triggered by insider ETF rejection news, we experienced something like a liquidity hunt sale.
