Bitcoin's recent price decline from the $81,000 level to near $76,285 is attributed to spot market selling rather than a futures unwind. Data shows that Bitcoin's open interest remained stable, increasing slightly from $25.977 billion on May 15 to $26.180 billion on May 18, indicating no significant futures closing activity. Spot market activity, however, revealed a different story. Spot volume dropped significantly from 30,663.9 BTC on May 15 to 16,092.32 BTC by May 17, a contraction of 47.52%, coinciding with Bitcoin's price drop from $79,064.75 to $76,572.92. Additionally, a substantial inflow of 49,577 BTC into exchanges between May 15 and May 17 suggests selling pressure, particularly from large participants. This inflow coincided with the period of greatest price weakness, indicating that the price drop was driven by spot market dynamics rather than futures market activity.
Bitcoin Price Decline Attributed to Spot Selling, Not Futures Unwind
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