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The largest arbitrage game in history is collapsing, which may be the true trigger for this round of big dump.
Today BTC fell to a low of 85,600 USD. 200,000 accounts across the network went directly to zero.
Everyone is confused: Is it the yen interest rate hike again?
The truth is hidden in a global arbitrage market worth 20 trillion dollars.
What exactly happened in the market on December 1st?
As the Asian session opens, the crypto market feels like it has been unplugged.
Bitcoin started to lose speed and plummet from the position of $95,000. Within just a few hours, the drop of several points sent away batch after batch of leveraged players. On-chain data shows that the amount of liquidations in contracts alone has surpassed a new daily high.
The source of all this points to the fluctuations in the yen exchange rate. When the yen quickly strengthened against the dollar, institutions that relied on borrowing yen to buy dollar assets for interest rate differentials began to panic. This strategy was essentially a money printer during the low-interest rate era, but now, with the change in the Bank of Japan's attitude, the arbitrage space has rapidly narrowed.
Funds flowed back to the yen, USD assets were sold off, and the crypto market, as a risk asset, naturally took the brunt.