{"id":567914,"date":"2024-01-03T17:04:28","date_gmt":"2024-01-03T17:04:28","guid":{"rendered":"https:\/\/uniquehot.com\/?p=567914"},"modified":"2024-06-11T07:03:48","modified_gmt":"2024-06-11T07:03:48","slug":"forget-the-sec-and-bitcoin-etf-approval-drama-heres-why-bitcoin-flash-crashed","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/forget-the-sec-and-bitcoin-etf-approval-drama-heres-why-bitcoin-flash-crashed\/","title":{"rendered":"Forget The SEC And Bitcoin ETF Approval Drama, Here’s Why Bitcoin Flash Crashed"},"content":{"rendered":"

The recent flash crash of Bitcoin from over $45,500 to as low as $41,100 has sent shockwaves throughout the crypto community, sparking debate over the underlying causes. While some have attributed the crash to unconfirmed rumors that the US Securities and Exchange Commission (SEC) might, after all, not approve Bitcoin ETFs in January, The Wolf Of All Streets on X <\/span>suggests<\/span><\/a>\u00a0a different explanation.<\/span><\/p>\n

Blame The High Funding Rate For The BTC Crash<\/span><\/h2>\n

The analyst points to the ultra-high positive funding rate on perpetual futures contracts as the primary culprit. In crypto perpetual trading, the funding rate is a mechanism that adjusts the price of futures contracts to reflect the difference in the spot price of the underlying asset, in this case, Bitcoin. <\/span><\/p>\n

In recent months, the funding rate, according to Coinglass<\/a>, had surged to multi-month highs, reaching an annualized rate of 66% on January 2, as The Wolf Of All Streets noted, before today’s crash.<\/span><\/p>\n

\"Bitcoin
Bitcoin funding rate | Source: Coinglass<\/figcaption><\/figure>\n

With Bitcoin trending higher, a large influx of long positions on Bitcoin’s perpetual futures contracts drove the funding rate to monthly highs. Expanding Bitcoin prices created an imbalance in the market, with more people paying to be long than short. As a result, when the price of Bitcoin began to decline rapidly, exchanges had to unwind long positions, triggering a wave of liquidation.\u00a0<\/span><\/p>\n

Related Reading: Solana Has Flipped Ethereum In Yet Another Metric In Its Bid To Reach $200<\/a><\/div>\n

As of January 3, records from Coinglass\u00a0<\/span>show<\/span><\/a> that over $669 million were liquidated. Most of these positions were long, at around $577 million, with only approximately $91 million being shorts. Overall, OKX<\/a> closed the most positions with $292 million longs closed. Binance, Huobi, and Bybit also closed many long positions.<\/span><\/p>\n

\"Bitcoin
Bitcoin liquidation | Source: Coinglass<\/figcaption><\/figure>\n

Will Bitcoin Degens Arrest The Sell-Off?<\/span><\/h2>\n

According to The Wolf Of All Streets, the recent flash crash was not a natural market event but an intentional move orchestrated by “degens.” Based on the analyst, the unusually high funding rate as of early January 3 created a situation where long positions, amplified by leverage, had to be liquidated for equilibrium to be reinstated in the Bitcoin market.\u00a0\u00a0<\/span><\/p>\n

Related Reading: By The Numbers: Crypto Users Lose $300 Million To Phishing Scams In 2023<\/a><\/div>\n

The analyst’s comments echo those of other market observers who have\u00a0<\/span>warned<\/span><\/a>\u00a0of the potential for blow-ups in the perpetual futures market due to the high leverage and funding rates involved. These warnings have become more significant in light of the recent flash crash.<\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price trending lower on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

How prices will react going forward is unclear. However, what’s clear is that bears appear to be in control in the short term. The recent sell-off is at the back of high trading volume that may see the coin track lower, towards $38,000 or lower, in the coming sessions.<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

The recent flash crash of Bitcoin from over $45,500 to as low as $41,100 has sent shockwaves throughout the crypto community, sparking debate over the underlying causes. While some have attributed the crash to unconfirmed rumors that the US Securities and Exchange Commission (SEC) might, after all, not approve Bitcoin ETFs in January, The Wolf Of All Streets on X suggests\u00a0a different explanation. Blame The High Funding Rate For The BTC Crash The analyst points to the ultra-high positive funding rate on perpetual futures contracts as the primary culprit. In crypto perpetual trading, the funding rate is a mechanism that adjusts the price of futures contracts to reflect the difference in the spot price of the underlying asset, in this case, Bitcoin. In recent months, the funding rate, according to Coinglass, had surged to multi-month highs, reaching an annualized rate of 66% on January 2, as The Wolf Of All Streets noted, before today’s crash. With Bitcoin trending higher, a large influx of long positions on Bitcoin’s perpetual futures contracts drove the funding rate to monthly highs. Expanding Bitcoin prices created an imbalance in the market, with more people paying to be long than short. As a result, when the price of Bitcoin began to decline rapidly, exchanges had to unwind long positions, triggering a wave of liquidation.\u00a0 Related Reading: Solana Has Flipped Ethereum In Yet Another Metric In Its Bid To Reach $200 As of January 3, records from Coinglass\u00a0show that over $669 million were liquidated. Most of these positions were long, at around $577 million, with only approximately $91 million being shorts. Overall, OKX closed the most positions with $292 million longs closed. Binance, Huobi, and Bybit also closed many long positions. Will Bitcoin Degens Arrest The Sell-Off? According to The Wolf Of All Streets, the recent flash crash was not a natural market event but an intentional move orchestrated by “degens.” Based on the analyst, the unusually high funding rate as of early January 3 created a situation where long positions, amplified by leverage, had to be liquidated for equilibrium to be reinstated in the Bitcoin market.\u00a0\u00a0 Related Reading: By The Numbers: Crypto Users Lose $300 Million To Phishing Scams In 2023 The analyst’s comments echo those of other market observers who have\u00a0warned\u00a0of the potential for blow-ups in the perpetual futures market due to the high leverage and funding rates involved. These warnings have become more significant in light of the recent flash crash. How prices will react going forward is unclear. However, what’s clear is that bears appear to be in control in the short term. The recent sell-off is at the back of high trading volume that may see the coin track lower, towards $38,000 or lower, in the coming sessions. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":567915,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,428,532,679,768,1119,78790,70225,86404,3799],"class_list":["post-567914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-price","tag-bitcoin-trading","tag-btc","tag-btcusdt","tag-funding-rate","tag-okx","tag-sec"],"acf":[],"yoast_head":"\nForget The SEC And Bitcoin ETF Approval Drama, Here's Why Bitcoin Flash Crashed<\/title>\n<meta name=\"description\" content=\"Bitcoin, according to one analyst, flash crashed because of the unusually high funding rate, not because of Bitcoin ETF approval rumors.\" \/>\n<meta name=\"robots\" content=\"index, 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/uniquehot.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Forget The SEC And Bitcoin ETF Approval Drama, Here’s Why Bitcoin Flash Crashed","url":"http:\/\/uniquehot.com\/news\/forget-the-sec-and-bitcoin-etf-approval-drama-heres-why-bitcoin-flash-crashed\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/forget-the-sec-and-bitcoin-etf-approval-drama-heres-why-bitcoin-flash-crashed\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Crypto-news-Template150.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Crypto-news-Template150.jpg?fit=1380%2C780"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","bitcoin","bitcoin etf","bitcoin price","bitcoin trading","btc","btcusdt","funding rate","okx","sec"],"dateCreated":"2024-01-03T17:04:28Z","datePublished":"2024-01-03T17:04:28Z","dateModified":"2024-06-11T07:03:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Forget The SEC And Bitcoin ETF Approval Drama, Here’s Why Bitcoin Flash Crashed\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/forget-the-sec-and-bitcoin-etf-approval-drama-heres-why-bitcoin-flash-crashed\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/forget-the-sec-and-bitcoin-etf-approval-drama-heres-why-bitcoin-flash-crashed\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Crypto-news-Template150.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Crypto-news-Template150.jpg?fit=1380%2C780\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"bitcoin\",\"bitcoin etf\",\"bitcoin price\",\"bitcoin trading\",\"btc\",\"btcusdt\",\"funding rate\",\"okx\",\"sec\"],\"dateCreated\":\"2024-01-03T17:04:28Z\",\"datePublished\":\"2024-01-03T17:04:28Z\",\"dateModified\":\"2024-06-11T07:03:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Crypto-news-Template150.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/567914","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=567914"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/567914\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/567915"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=567914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=567914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=567914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}