Why did BTC dump -11% on Monday? (on-chain analysis)
After managing to hold above the $60k mark throughout the weekend, the price of Bitcoin took a nosedive early on Monday, losing -9% in the past 24 hours and sinking to as low as $54.3k at the time of writing.
With the correction still underway, here’s a look at Bitcoin’s latest on-chain and social data, and the possible culprits for the Monday dump:
In our weekly Pro report on Friday, I mentioned that it will be worth keeping an eye on several of Bitcoin’s off-chain indicators in days to come, since a “potential breach to new price all-time high is likely to have a pronounced impact on their short-term levels.”
In particular, I pointed out that Bitcoin’s perpetual contract funding rate was starting to pick up on most centralized exchanges, suggesting that the derivatives market was once again warming up
There’s more of this Insight
Choose your subscription plan
Years of market experience, compressed in each report
Since 2017, Santiment has been an industry leader in on-chain data, social intelligence and behavior-based analysis of the crypto market.
Our tools have a proven track record of timing price tops for cryptocurrencies, helping traders find profitable exit points and mitigate HODLing risk.
Our previous TOP calls:
What you get with Sanbase Pro:
- Members-only daily market insights and analysis
- 30+ on-chain, social & project indicators for 900 cryptocurrencies
- Custom alerts for the coins' price, on-chain & social trends
- Santiment Spreadsheet plugin with 10+ pre-made market templates
- Personalized asset watchlists and weekly performance reports
Gain unfair advantage with Sanbase Pro
Subscribe to Sanbase Pro for access to exclusive insights, market-beating metrics, strategies and templates!