Amount Of BTC On Crypto Derivatives Exchanges Is At The Highest Level Since 19th Of May

Stolen BTC in 2016 Bitfinex Hack Gets Moved

Bitcoin (BTC) on various derivates exchanges has now managed to be at the highest level that it has been since the 19th of May earlier on in this month. Many experts and analysts alike are therefore expecting high volatility to occur in the near future.

Traditionally, many derivatives exchanges, including the likes of BitFinex, BitMEX, and Binance Futures, have all been able to generate substantial price movements, which was mostly due to the large provision of leverage amounts. Furthermore, these exchanges also enable margin trading to take place, with more than 100 times the leverage.

BTC still struggling

Bitcoin has constantly been struggling as of late, it would seem, although the digital asset did manage to experience some volatility of its own since yesterday. As of the time of this writing, the world’s biggest cryptocurrency by market capitalization is trading at a price of $35,756, which is a 0.7% decrease since yesterday.

Bitcoin had also recently gone through a dip in the price of about 6% when it had recorded a consistent low over the course of 5 days beneath the $35,000 mark. Moreover, we must also observe the fact that market manipulation is both alive and well within the crypto markets, at both the public sphere of awareness as well as on the level of exchange itself.

Moreover, the recent developments pertaining to the mounting environmental concerns related to Bitcoin and crypto mining certainly did not help matters either, with one of the most important use cases for Bitcoin (being used as a payment method for Tesla) no longer a viable option.

Furthermore, on the 19th of Mary, significant volatility had been experienced when BTC had temporarily dropped beneath $30,000, an alarming development, to say the least, as the flagship crypto was trading above $60,000 earlier on in the year.

Inflow of BTC

Certain spot exchanges had also experienced a significant Bitcoin inflow on May 19th. On these spot exchanges, BTC could only really be utilized to generate downward pressure as, without the existence of the derivatives, the cryptocurrency could only theoretically be sold and not be employed to generate leveraged long positions.

Also, while it remains true that the derivates volume may indeed be getting ready to skyrocket, which had been proved by the abovementioned BTC inflow, an inflow of similar proportions had not in fact been seen on the spot exchanges as of this point in time.