The fall in the BTC rate was accompanied by large sales in futures on the Binance exchange. As noted by the investment director and founder of the hedge fund Split Capital Zahir Ebtikar, even with the large-scale fall of the crypto market on August 5, such aggressive price behavior was not observed. In just over an hour, $1 billion worth of bitcoins were sold on the exchange, he noted in a post on the social network X.
According to the analytical service Coinglass, which tracks transactions on major crypto exchanges, over the past day the total volume of forcibly closed long positions (longs) reached $300 million. About 90 thousand traders faced liquidation, who did not have enough funds to maintain open positions when the market went against their bets.
Why did Bitcoin fall?
The decline in crypto asset prices over the past 24 hours fits into the standard processes of market recovery after a strong and painful fall in early August, comments cryptocurrency market analyst Viktor Pershikov. It is obvious that assets need enough time to recover and continue growing. Seasonality also plays into this, Pershikov adds. August is a historically weak month for the crypto market and growth is not to be expected during this period. At the same time, strong stories also appear on the market in August. First of all, this is AAVE, an undervalued asset from the decentralized finance (DeF1) sphere, TRX with an explosion in the popularity of memecoins and LINK with active development and demand from projects working in the sphere of asset tokenization.
