Saturday , November 2 2024
Home / Crypto news / A Huge $16M Inflow In BitMEX: Possible Cause Of Bitcoin’s Price Crash?

A Huge $16M Inflow In BitMEX: Possible Cause Of Bitcoin’s Price Crash?

Summary:
One of the most popular Bitcoin margin trading exchanges, BitMEX, has seen a daily positive inflow of around million. This took place right before Bitcoin’s price went through a notable crash of more than 0 in less than an hour.BitMEX Sees M Positive InflowAccording to a well-known cryptocurrency monitoring resource TokenAnalyst, one of the most popular Bitcoin margin trading exchanges, BitMEX, has seen a positive inflow upwards of million right before Bitcoin’s price went south and crashed.? 24H BTC on-chain flows:#binance M in | M out#bitmex M in | M out#bitfinex M in | M out#bitstamp M in | M out#bittrex M in | M out#poloniex M in | M out#kraken M in | M out#huobi M in | M outMore @ https://t.co/u90eafzR5J— TokenAnalyst

Topics:
George Georgiev considers the following as important:

This could be interesting, too:

Wayne Jones writes dYdX CEO Declares 35% Workforce Reduction

Chayanika Deka writes Former FTX’s Head of Engineering Nishad Singh Dodges Prison

Mandy Williams writes Aave Sees 0M Weekly Increase in cbBTC Inflows, But There’s a Catch

Wayne Jones writes MrBeast Linked to Over 50 Crypto Wallets Allegedly Involved in Insider Trading: Report

One of the most popular Bitcoin margin trading exchanges, BitMEX, has seen a daily positive inflow of around $16 million. This took place right before Bitcoin’s price went through a notable crash of more than $450 in less than an hour.

BitMEX Sees $16M Positive Inflow

According to a well-known cryptocurrency monitoring resource TokenAnalyst, one of the most popular Bitcoin margin trading exchanges, BitMEX, has seen a positive inflow upwards of $16 million right before Bitcoin’s price went south and crashed.

BitMEX is the platform where a lot of the trading action takes place mainly because it allows the placement of highly leveraged positions. Users are able to speculate on Bitcoin’s price with a margin of up to 100x using the BitMEX Bitcoin perpetual contract.

This massive inflow took place right before Bitcoin’s price went through a serious crash which saw its price going down from an intraday high of $8800 to a little over $8300.

The Fake Breakout in Bitcoin’s Price

It’s worth noting that the past 24 hours have been fairly turbulent for Bitcoin’s price.

A Huge $16M Inflow In BitMEX: Possible Cause Of Bitcoin’s Price Crash?
BTC/USDT. Source: TradingView

As seen on the chart, Bitcoin broke out earlier this morning, reaching an intraday high of $8800. Naturally, this might have caused a lot to believe that we are out of the slump of the past few days as it was the highest point for Bitcoin during the last three weeks.

Unfortunately, it turned out to be a fake breakout as the chart marked a huge red candle on the hourly, bringing the price from $8800 to $8330.

Of course, it’s hard to say whether there is a straight correlation between the inflows to BitMEX and the crash in Bitcoin’s price. However, the timing was almost perfect which should at least raise some considerations.

We have yet to see where we will go from here but at the very least, we can see the volatility coming back.

Leave a Reply

Your email address will not be published. Required fields are marked *