Abstract : Mr. K, director of OK Investment Analysis, said that first of all it should be clear that all asset price plunges are market behavior.
Regarding the sharp fall in Bitcoin, some people believe that the upcoming expiration of the quarterly contracts between OKEx and CME is one of the reasons. Mr. K, director of OK Investment Analysis, said that first of all it should be clear that all asset price plunges are market behavior. As the main exchanges of BTC contracts, OKEx and CME do have a large number of investors. When the market forms a centralized buying or selling for some reason, the trading of OKEx and CME will increase dramatically, which will trigger the development of the market.
Of course, the approaching delivery date will make some users form a centralized transaction, but more investors will take the initiative to choose to liquidate or move their positions at a more favorable time and price, such as the market behavior on September 13. I think the main reasons for this downturn are as follows: in terms of technical analysis, after three months of consolidation, BTC failed several times to break through resistance, and finally failed to remain at 9880 (OKEx quarterly contract quotation). As a result, a sharp decline has been formed.
The market's pessimism about BAKKT especially from big investors and institutional investors has been released, which is another reason for the sharp decline. The partners of BAKKT, as well as its background of traditional finance, have generated very high expectations in the market that BAKKT will open the "safe deposit box" of traditional investment institutions again. But the actual results have shocked the market. As of September 25, only 215 BTCs were traded in three days (1/16,000 of the OKEx quarterly turnover of about 24 H and 1/620 of the OKEx sustainable turnover of about 24 H). Obviously, a large number of traditional institutions have not entered the BTC through BAKT, and no additional funds have been added. All of these have formed negative emotions