Bitcoin Drops to $11,200, Could the Largest Derivatives Expiry on Record Bring in More Red?


  • Yesterday's session on CME yet again saw record volumes & open interest for bitcoin contracts
  • What is probably the largest derivatives expiry on record will be happening on CME this Friday

Bitcoin is a hyper-volatile asset and there is no hidden fact about it. We saw it in the past and now we see it again.

By seeing a drop of $1,800 in minutes, Bitcoin volatility is in full display which the crypto community has been accustomed to. As Bitcoin bull and Fundstrat’s Tom Lee puts it, this is great for volatility and dedicated traders. As for most of the others, “taking a long-term view is more appropriate.”

Yesterday, we climbed to $13,900 level, another 2019 high before we took a fall to around $11,800 level. Today, however, BTC/USD dropped further to $11,200, the lowest level on Bitstamp but since then has recovered to $11,614, at the time of writing.

Can we go lower?

That is yet to be seen as eToro senior analyst, Mati Greenspan recently said a “massive bull market retracement of 20% or more is always a possibility” and yesterday we had a pullback of 18 percent.

Bitcoin Futures Volume & Open Interest is Fire

The trading volume managed by Bitcoin on 10 exchanges with real volume has surpassed $6 billion, the highest BTC has seen. However, the volume started going up when the price started recovering from its $11,200 but it is still in the red by 8.68 percent in the past 24 hours.

But it’s not only spot exchanges. Yesterday, CME saw record volume and open interest, yet again, for Bitcoin contracts. The record volume registered was $1.6 billion and $373 million of open interests.

CME saw record volumes & open interest for bitcoin contracts yesterday, Source: Skew

Institutions evidently want a piece of this rally and are actively involved in this as well. In 2019, the peak activity has been seen during the weekends, which is special for crypto space, when the market is getting “increasingly institutional”.

Moreover, what is probably the largest derivatives expiry on record would be happening this Friday, as shared by Skew. It could further affect the price.

Following a great Q2 for bitcoin, June going to see a large amount of futures expiry

Though CME futures aren’t physically delivered, as Bitwise report about 95 percent Bitcoin trading volume being fake revealed, CME volume is so much more significant than expected. In the past, these future expirations had an effect on the price, and now it’s to be seen if Bitcoin would make another downward move or keep to its ongoing trajectory.

Bitcoin’s price is $32,398.52 BTC/USD exchange rate today. The real-time BTC market cap of $602.36 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $9.51 Billion and live coin value change of BTC 1.50 in the last 24 hours.


Live Bitcoin (BTC) Price:

1 BTC/USD =$32,398.5220 change ~ 1.50%

Coin Market Cap

$602.36 Billion

24 Hour Volume

$9.51 Billion

24 Hour VWAP

$32.32 K

24 Hour Change

$486.55

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