Bitcoin
records
$1.8
billion
in
sell
volume
Bitcoin
sellers
dominate
market
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The
crypto
market
has
continued
to
face
a
series
of
repeated
corrections
with
a
mild
short-term
rebound.
The
frequent
market
downturn
has
seen
Bitcoin’s
sell
volume
surge
significantly,
according
todatafrom
crypto
analytics
platform
CryptoQuant.
After
the
recent
price
breakout
that
saw
Bitcoin
trade
near
the
$70,000
mark,
the
market
is
back
to
the
red
territory
and
Bitcoin
slid
back
to
$63,000.
While
the
crypto
market
is
currently
experiencing
another
wave
of
panic
selling,
the
volatility
this
time
is
attributable
to
the
rising
tensions
between
the
United
States
and
Iran.
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in
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U.Today
Crypto
Digest
Bitcoin
records
$1.8
billion
in
sell
volume
On
Saturday,
Feb.
28,
the
platform
revealed
that
Bitcoin
recorded
about
$1.8
billion
in
sell
volume
within
just
one
hour.
This
massive
sell
activity
flooded
the
derivatives
market
as
traders
rushed
to
offload
positions
amid
the
sudden
market
correction.
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Notably,
the
sudden
spike
reflected
aggressive
market
sell
orders
hitting
order
books,
signaling
growing
fears
as
traders
begin
to
take
caution.
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23,300
BTC
Moved
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Loss
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Bitcoin
Drops
Below
$64,000
ByTomiwabold
Olajide
While
the
market
saw
positive
momentum
days
earlier,
the
shift
in
sentiment
was
swift.
The
platform
shared
charts
revealing
thatBitcoin’skey
derivatives
pressure
index
dropped
sharply
from
30%
to
18%.
This
shows
how
quickly
the
mood
turned
strongly
bearish.
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The
sudden
flip
is
largely
attributed
to
the
macroeconomic
pressure
caused
by
the
recent
U.S.
and
Iran
attack.
Bitcoin
sellers
dominate
market
Following
the
sudden
price
flip,
the
data
shows
that
sellers
have
dominated
the
market,
and
traders
appeared
to
be
more
focused
on
limiting
exposure
than
holding
through
uncertainty.
Nonetheless,
market
watchers
have
retained
optimism
as
they
believe
that
extreme
one-sided
positioning
can
sometimes
create
the
conditions
for
a
rebound.
As
selling
pressure
continues
to
mount
across
the
Bitcoin
derivatives
market,
the
Bitcoin
open
interest
has
been
barely
neutral
over
the
last
24
hours.