In the early morning of September 25, Bitcoin experienced the largest short-term decline in 2019. QKL123 market shows that the decline in the market started at 2:30 in the morning, in the one and a half hours, from $ 9434 all the way to the lowest 7700 US dollars, a drop of 18.38%. The mainstream currency was also blood-washed, and Ethereum was smashed from $193 to $145.06, a drop of 24.87%. EOS dive from $3.30 to $2.42, a drop of more than 25%, setting a new low since February this year. LTC fell 11.65%, hitting a new low since April.
At the same time, the premium for the OKEx quarterly contract was once smashed to -500 dollars from a positive premium of about $250 before the crash. According to Coin data, only the OKEx exchange has reached 920 million USDT (about 6.52 billion yuan) within 24 hours. According to Coinfarm.online data, the BTC long position in BitMEX has reached $577 million in the past 8 hours.
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After the plunge, the price of USDT on the OTC was up sharply, reaching 7.5 at 3:00 in the morning and still maintaining at 7.24, maintaining a premium of 1.59%.
For a time, investors are also two days of ice and fire. The shorts shouted "thanks to the market" and some even prepared to close their hands to retire. The bulls are suffering from blood, and more than 5 times the single holders can't avoid the fate of the position in the fall. The speculative group has a lot of mourning.
In fact, the plunge has long been a clue. In the face of the upcoming bitcoin halving, the market has been in a very exciting state. When the new quarterly contract was opened on September 13, OKex's last-quarter contract price was more than $300 higher than the spot price. Even after Bitcoin continued to fall and fell slightly, the premium has remained above $200. Every time there is a fall, there will be a large number of bargain-hunting troops entering. The number of BTC long and short positions on OKex remained high, and it still reached 1.89 on the eve of the plunge. However, after the bulls, the data has fallen sharply and has now returned to 1.1.
The enthusiasm of retail investors is one aspect. Previously, the proportion of long-term average position of BTC elites on OKEx has been maintained at more than 30%, and even reached a staggering 47% on the eve of the collapse.
In the absence of a large amount of over-the-counter funds entering the market, everyone is doing more. It is impossible for the bitcoin to rise so that everyone can make money. After all, only a few people earn money in the market, then the decline has become the only way out. However, the facts have proved that a small decline can only further stimulate the enthusiasm. Only a large blood wash, a wave of clean up the long, can start a real rise. The plunge is not an accident, but it is a bit shocking to be so plunged. Both retail investors and big households are doing more crazy, and the plunge caused the bulls to trample. This may be an important reason for this decline. After the big market in the early morning, faced with more than 8,000 US dollars of BTC, many speculative coins V, retail investors have been observing, hesitating whether or not to sneak out, not really a lot of hands-on, panic has begun to brew.
The market is always anti-expected. Just like when the last bitcoin fell to $9,500, most people thought it would continue to fall to $8,000 or even $7,000, but the BTC would not actually fall so deep. All are expected to rise, so if the rise is going to come, it will go through many twists and turns. The high opening of the new quarter contract may be a bureau that faces the bulls. The encryption market is risky, especially in the futures market, and investors really need to be extra cautious.