BitMEX had a #btc candle wick hit $8,900 😱
Probably leveraged players getting wiped out and they lost all their Bitcoin!
Now back up to 67k
Who bought the dip and had orders in?
Never use leverage
Stack and chill
#stackharder #btc
#bitcoin
Discussion
Lmao bears get rekt
this implies an extreme liqudity shortage on bitmex. jeesh
You think
i do. could anything else be the reason?
I think more quetions need to be asked, we should all be following and understanding what and why ....
we can ask and explore those. might get some good theories.
heres what i think
when dollars or stables get scarce on a platform the spreads between market price and platform price widens.
in this case the price was way lower than market which means there was almost no available usdt on bitmex.
available could be an "absolute" thing -> there was almost no usdt on the platform
or available could be a "relative" thing -> whoever had the usdt didnt want bitcoin
in bitmex case it was probably an absolute thing, as their such a small player these days based on spot volume (66m last 24 hours in coingecko). while most of the OTC desks and asian market makers have an account there, they would have loved to arb this right? of course, but who wants to keep collateral on such a small exchange? no one.
if someone knew this, they could spark a run with spot sells, step out and then be the liqudiity backstop on the other side.