A protracted dearth of liquidity in cryptocurrency markets is playing a key role in the more than 10% swings in the price of Bitcoin seen in recent weeks.
On October 16, Bitcoin jumped more than 10% in a matter of minutes as false report circulated saying that the US had approved a long-awaited ETF that invests directly in the cryptocurrency. It erased most of that increase just as quickly when BlackRock said its application was still with the SEC. “It is difficult to ascribe a single narrative to the recent rally,” said Juthica Mallela, head of over-the-counter options trading at crypto exchange Kraken. “It is possible that the price movements stem from a combination of market positioning, spot buying, and a broadly positive macro landscape for Bitcoin which includes a spot Bitcoin ETF on the horizon.”
The “market has picked up massively in the last week as volatility comes back to life,” Chu said. “Market short gamma above $30K in BTC-driving price action, a lot of guys covering risk.”
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