Why did BTC dump -11% on Monday? (on-chain analysis)

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Mar 16, 2021

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

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$ 55760.42

6.91%in last 7d