Bitcoin finally caught up with the fall of Wall Street in one of the most memorable and hectic trading sessions in its young stories.
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The trading volume of cryptocurrency bitcoin futures exceeded $ 50 billion; on two exchanges - OKEx and BitMEX - it amounted to more than $ 10 billion and on eight more - more than $ 1 billion.
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The total amount of open positions - the number of outstanding futures positions open at the close of the session - fell by almost 50%, to $ 2 billion.
All futures by the end of the session traded witha discount to the spot price, which can reduce the structural demand for loans in fiat and stablecoins, as this makes the popular cash-and-carry arbitrage strategy unprofitable.
BitMEX eliminated a record number of XBTUSD contracts since 2018 (when Skew began to track this figure).
Orders for the sale of more than $ 1 billion were executed.
The amount of open positions on XBTUSD collapsed by almost 50%, together with the market, and so far remains near the minimum values.
Due to extreme selling pressure, XBTUSD on Thursday started trading at a spot discount of over 5%.
Perpetual swaps - the most liquid crypto derivatives - do not have an expiration date. A financing mechanism calculated every 8 hours is the only option to rebalance them to the spot price.
Basis - difference between XBTUSD and spot price in%- collapsed to -10% +. Then, as usual, this metric, used to determine how accurately the XBTUSD follows the spot market, is measured in basis points (0.01%)!
Financing - the amount of% exchanged betweenlong and short positions every 8 hours - collapsed to unprecedented negative values, encouraging sellers to close short positions and rebalancing swaps closer to the spot price.
Liquidity worsened significantly; the spread between the purchase and sale prices on the most liquid exchanges reached a couple of percent.
As for options, the implied volatility, after the actual one, jumped 50 points with a huge trading volume for this market.
The amplitude of yesterday’s movement was 10 standard deviations compared to what was included in the price - the normal distribution model would tell you that this simply cannot happen!
The cryptocurrency options market spent another record day, with a nominal volume of $ 300 million, and continues to grow structurally.
Fiat pairs were also extremely active: the total volume in the BTCUSD pair on Coinbase and LMAX Digital exceeded $ 1 billion.
Tranquil Harbor a la crypto: At USDT (the controversial cryptocurrency secured by dollars), at the moment you could buy less bitcoins than real dollars.
Finally, the market unequivocally resolved many heated discussions: Bitcoin followed the stock market.
From the beginning of the year to the present day: dollar, treasury bills and gold -?; stocks, bitcoin and gold -?.