Analyst: This decline may be a test of the market by Eastern investors, aimed at clearing high-leverage positions

2024-12-06 16:32:51

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ChainCatcher news, cryptocurrency market analyst @Phyrex_Ni posted on social media that Bitcoin is experiencing a decline this morning, with major sell-offs occurring on the Binance and OKX trading platforms. The drop coincides with the time liquidity is shifting from the West to the East, marking a low point in liquidity, and it is very likely a test of price by Eastern investors.

@Phyrex_Ni further stated that the chips used in this sell-off were not very substantial, unlike operations by large groups, but rather a blast against open contracts. Throughout the process, the total open contracts across all trading platforms decreased by approximately 15,000 BTC, creating a situation of nearly simultaneous long and short liquidations, with the main focus on liquidating long positions (accounting for about 70% of the total liquidations).

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