Analysis: Bitcoin plummeted to $88,000 yesterday, primarily driven by deleveraging in the futures market
ChainCatcher message, CryptoQuant research director Julio Moreno stated: "Bitcoin plummeted to $88,000 yesterday, mainly driven by deleveraging in the futures market, but spot demand remains strong. As prices fell, the number of open contracts decreased, indicating that long positions in the futures market were liquidated. The funding rate also declined."
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