Bitcoin for a minute—priced at $155,000.
When the spot price hovered around $85,000, a perpetual contract on Bitfinex briefly spiked to $153,396. Then, after a few seconds, it returned to the market price. The contract price is now about $85,000 and $38, up 5.55% on the day. At the same time, the exchange’s spot index did not break above $84,406.
The cause is most likely liquidations. Over the past 24 hours, across the entire market, 117,116 traders had their positions liquidated, totaling $688,807,000. Of that, shorts accounted for $598,227,000. For Bitcoin alone, it was $354,493,000.
When protective buy orders from the shorts flood in at the very same moment—and the order book is thin enough—price gets punched through, leaving a gap. The whole process takes less than a minute. Arbitrage bots then come in to close the spread.
This doesn’t change the trend, but it puts a common-sense point back on the table. The price displayed by the derivatives market depends on whether anyone is willing to take it at that moment. If you want to keep looking at this kind of structural issue in derivatives, the WeChat group QR code is in the image at the end.
For market makers, a thin order book means quotes must leave a wider margin of safety. That cost is ultimately still borne by the people using leverage.
Leverage magnifies—never direction, but insufficient depth.
#比特币 #衍生品
When the spot price hovered around $85,000, a perpetual contract on Bitfinex briefly spiked to $153,396. Then, after a few seconds, it returned to the market price. The contract price is now about $85,000 and $38, up 5.55% on the day. At the same time, the exchange’s spot index did not break above $84,406.
The cause is most likely liquidations. Over the past 24 hours, across the entire market, 117,116 traders had their positions liquidated, totaling $688,807,000. Of that, shorts accounted for $598,227,000. For Bitcoin alone, it was $354,493,000.
When protective buy orders from the shorts flood in at the very same moment—and the order book is thin enough—price gets punched through, leaving a gap. The whole process takes less than a minute. Arbitrage bots then come in to close the spread.
This doesn’t change the trend, but it puts a common-sense point back on the table. The price displayed by the derivatives market depends on whether anyone is willing to take it at that moment. If you want to keep looking at this kind of structural issue in derivatives, the WeChat group QR code is in the image at the end.
For market makers, a thin order book means quotes must leave a wider margin of safety. That cost is ultimately still borne by the people using leverage.
Leverage magnifies—never direction, but insufficient depth.
#比特币 #衍生品
