Analyst: Bitcoin Plunged to $88,800 Yesterday as Futures Markets Deleveraged
Julio Moreno, Head of Research at CryptoQuant, said in a post on the X platform, ‘Bitcoin's fall to $88,800 yesterday was largely driven by deleveraging in the futures market, but spot demand remains strong. As the price fell, the number of open positions decreased, suggesting that long positions in the futures market were closed. Funding rates have also declined.’
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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