One of the most popular Bitcoin margin trading exchanges, BitMEX, has seen a daily positive inflow of around $12 million. Given that the weekend is ahead and that’s usually the time when a lot of the Bitcoin price action takes place, are we in for a couple of stormy days of trading?
BitMEX Sees $12M Positive Inflow
According to a well-known cryptocurrency monitoring resource TokenAnalyst, one of the most popular Bitcoin margin trading exchanges, BitMEX, has seen a positive inflow upwards of $11 million in the last 24 hours, at the time of this writing.
BitMEX is the platform where a lot of the trading action takes place mainly because it allows the placement of highly leveraged positions. Users are able to speculate on Bitcoin’s price with a margin of up to 100x using the BitMEX Bitcoin perpetual contract.
It’s somewhat well-known that a lot of the weekends are rather turbulent for Bitcoin’s price and considering that this influx of money took place on a Friday, we could be in for a rather furious couple of days.
This is further supported by the fact that Binance has also seen a positive inflow of around $10 million over the past 24 hours. As we know, the world’s leading cryptocurrency exchange also offers Bitcoin futures trading where users can place orders with leverage up to 20x. As outlined by the CEO of Binance, Changpeng Zhao, the volume of Bitcoin futures on Binance is already surpassing that of its spot trading platform, which could also be a sign that the weekend might be packed of action.
The Fake Breakout in Bitcoin’s Price
It’s worth noting that the past 24 hours have been fairly turbulent for Bitcoin’s price.
As seen on the chart, Bitcoin broke out earlier this morning, reaching an intraday high of $8800. Naturally, this might have caused a lot to believe that we are out of the slump of the past few days as it was the highest point for Bitcoin during the last three weeks.
Unfortunately, it turned out to be a fake breakout as the chart marked a huge red candle on the hourly, bringing the price from $8800 to $8330. We have yet to see where we will go from here but at the very least, we can see the volatility coming back.
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Source: Crypto Potato