10x Research: The trading volume of the cryptocurrency market in the past 24 hours reached $244 billion, the highest since March 6

ChainCatcher news, 10x Research stated in its latest report that many attribute the Bitcoin sell-off to the unwinding of yen carry trades, but the reality is much more complex. Since mid-March, Bitcoin has been quite fragile, despite the Nasdaq index rising 15% and the yen depreciating 10% during this period, Bitcoin remains in a range-bound fluctuation. Arbitrage trading relies on sustained high interest rates in the U.S., which are unlikely to continue. The game has changed.

In the past 24 hours, the cryptocurrency market trading volume reached $244 billion, the highest level since March 6. After reaching an all-time high, Bitcoin experienced significant intraday liquidations that day. While we were very bullish in February and early March, we took a cautious stance after the sharp decline, as our backtesting indicated that future markets are unpredictable. In hindsight, this was the right decision.

As new price drivers for assets emerge, financial markets resemble a puzzle that needs to be reassembled regularly. This is one of those times. Unlike the significant declines in April and June that were alleviated by increased leverage, this time such a reversal may not occur.