Trader: Weekend BTC price action unusual As Coint

Trader: Weekend BTC price action unusual

As Cointelegraph reported, the sell-off and de-risking event extended beyond private investors to the institutional sphere.

Outflows from the US spot Bitcoin exchange-traded funds (ETFs) totaled $812 million for Aug. 1, the second-highest daily drawdown on record.

Analyzing exchange order-book composition, popular trader and analyst Skew spied a large-volume market participant attempting to exit.

“Very sizeable quoting like this on a weekend spells out that a very large player needed to bail out of risk before Sunday - next week,” he told X followers Saturday amid “not your average weekend price action.”

“Since weekends are often more illiquid and have wider spreads, this means a desk would have to quote sufficient liquidity to facilitate a large client selling off that risk without causing the market to slip