10x Research: Cryptocurrency market trading volume reached $244 billion in the past 24 hours, the highest since March 6

Many attribute the Bitcoin sell-off to the unwinding of the yen carry trade, but the reality is much more complicated, 10x Research said in its latest report. Bitcoin has been vulnerable since mid-March, remaining range-bound despite a 15% gain in the Nasdaq and a 10% depreciation in the yen during that period. The carry trade relies on continued high U.S. interest rates, which are unlikely to continue. The rules of the game have changed. In the past 24 hours, crypto market volume reached $244 billion, the highest level since March 6. Bitcoin experienced a large amount of intraday liquidations on the day after reaching its all-time high. While we were very bullish in February and early March, we took a cautious stance after the sharp drop because our backtesting showed that the future market was unpredictable. In hindsight, this was the right decision. Financial markets are like puzzles that need to be reassembled periodically as new asset price drivers emerge. This is one of those times. Unlike the sharp declines in April and June, which were mitigated by increased leverage, there may not be such a reversal this time.