The last two days were a massacre on the Satoshi streets with Bitcoin (BTC) and other cryptocurrencies entering deep correction after an unprecedented bull run ahead this month. As it turns out, the Bitcoin (BTC) and Ether (ETH) futures registered record-high volumes every in its history.
On-chain data provider Skew analytics notes that Bitcoin (BTC) futures trading volume was at an all-time high on Tuesday, February 23.
— skew (@skewdotcom) February 24, 2021
Another data from Bybt suggests that during the Bitcoin (TC) price crash to $45K, 474,968 traders were liquidated with a record of $4.4 billion in total liquidations.
— Bybt (@bybt_com) February 23, 2021
On the other hand, Bitcoin’s spot and options trading volumes registered the second-highest activity after January 11. Another crypto market analyst Joseph Young notes that the Bitcoin (BTC) futures funding rates have reset to 0.01%. He writes:
“Bitcoin at $51k, futures funding rate completely reset at 0.01%. What is this sorcery. When the funding rate is high, it means the market is highly overleveraged and overcrowded. For most of the rally from $40k to $58k, funding rate was 0.1%~0.15%”.
Ether (ETH) Futures Also Register Record Volumes
Along with the Bitcoin Futures, a similar scenario was visible for Ether futures. On Tuesday, the Ether (ETH) price took a dive below $1450 levels. As per data on Skew Analytics, the CME Ether Futures registered close to $160 million in record volumes.
CME ether futures logged a record volume day yesterday on new crypto market jitters pic.twitter.com/lsapnEw7mn
— skew (@skewdotcom) February 23, 2021
Just before the Bitcoin price correction on Tuesday, whales made massive exchange deposits thereby liquidating most of their holdings.
— Bloqport (@Bloqport) February 24, 2021
However, the bottoms have been scooped very swiftly by some of the big players like the Purpose Bitcoin ETF and Square Inc who announced $170 million in fresh Bitcoin investments.
Earlier today, Bitcoin and the overall crypto market registered a sharp rebound. The overall crypto market is up 9.8% at press time with valuations soaring back above $1.5 trillion. As Bitcoin recover above $50K, Ethereum price has also surged 11% moving close to $1700 levels.
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