Yesterday, derivatives worth more than $190 million were sold on the BitMEX cryptocurrency derivatives exchange. At the same time,options on Bitcoin on OKEX showed an increase in the notional volume of up to $ 15 million.
Bitcoin's fall accelerated yesterday after...how traders on BitMEX carried out a massive closing of BTC positions. According to data analytics provider Skew, the BitMEX exchange traded approximately $6.1 million in buys and $190 million — for sale.
Starting from 5:00 p.m. Moscow time, the price of BTC began to fall below $ 9,000. An hour later, BitMEX experienced the largest closing of positions since the beginning of the year.
Derivatives market activity echoed salesin the cryptocurrency spot market, with the price of BTC falling more than 6% to a low of $8,675. Amid global tensions due to the coronavirus outbreak, traditional markets are also in turmoil, with major stock indices — The S&P500 and Dow Jones Industrial fell by more than 7% for the week.
At the same time, options for bitcoin on OKEX, another popular cryptocurrency derivatives exchange, showed the largest increase in the notional volume in their history, exceeding the mark of $ 15 million.
Conditional volume — this is the cost of the basicasset in the derivatives market. This could be the total value of the position, the value that the position controls, or an agreed upon amount in the contract. When a price decline is accompanied by large notional volume, it usually signals that bears are active in the market.
Bitcoin Price Could Also Affect ActionsSec. This week, the Commission once again rejected a bid to launch an ETF on bitcoin from NYSE Arca and Wilshire Phoenix. SEC Commissioner Hester Pierce criticized the agency for not wanting to keep up with the times.</p></p>