Bitcoin, the largest cryptocurrency, experienced another pullback today after yesterday’s sharp decline. The price dropped about 2.5% in roughly 40 minutes, sliding from the $83,000 level to $80,800. At the time of writing, BTC is trading at $81,292, highlighting notable intraday volatility. The market’s swing has also driven significant liquidations in the derivatives space, totaling $961.17 million over the last 24 hours, with $857.97 million from long positions and $103.20 million from short positions.
Was today’s decline caused by massive selling? Arkham data shows Heka, a quantitative and systematic trading fund under Abraxas Capital, transferring approximately 2,000 BTC to the Kraken exchange about two hours ago. Heka is known to focus on major crypto assets such as BTC and ETH and their derivatives.
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