CryptoQuant: Bitcoin's decline yesterday was mainly driven by the deleveraging of the futures market
2024-12-06 16:20:25
Julio Moreno, head of research at CryptoQuant, said: "Bitcoin slumped to $88,800 yesterday, largely driven by deleveraging in the futures market, but spot demand remains strong. As prices fell, the number of unpositioned squaring contracts decreased, indicating that long positions in the futures market were squaring. Funding rates also fell."
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