BR against the Korean won. The pump lasted about 15 minutes.
$BR went from 0.445 to 0.586 within minutes of the notice at 07:52 UTC, a 32% wick. Futures traded $32M in half an hour, about half of a normal day's volume.
Most of it is already gone. BR is at 0.486, 9% above where it started. Open interest jumped by $2M at the spike, and half of that has already closed. BR was also up 13% in the two hours before the notice.
Since the spike, shorts are leaning on it: futures trade 1.1% under spot, and funding turned more negative, -0.09% every 4 hours.
If BR holds above 0.445 while shorts keep paying, the pressure is on them. If it slips back under, the whole Bithumb move is erased.
$BR went from 0.445 to 0.586 within minutes of the notice at 07:52 UTC, a 32% wick. Futures traded $32M in half an hour, about half of a normal day's volume.
Most of it is already gone. BR is at 0.486, 9% above where it started. Open interest jumped by $2M at the spike, and half of that has already closed. BR was also up 13% in the two hours before the notice.
Since the spike, shorts are leaning on it: futures trade 1.1% under spot, and funding turned more negative, -0.09% every 4 hours.
If BR holds above 0.445 while shorts keep paying, the pressure is on them. If it slips back under, the whole Bithumb move is erased.
