The fall in the value of bitcoin below $30,000 occurred after a large amount of cryptocurrency entered the exchanges.
The IntoTheBlock report states that since May 11, a total of about 40,000 BTC have been sent to trading platforms.
As a result of a massive reset, the largest digital currency collapsed below $26,000. Then the coin rose slightly in price, but could not gain a foothold above $30,000. On Thursday, May 19, the BTC rate sank to $28,917. Over the past 24 hours, the capitalization of the cryptocurrency has decreased to $552.634 billion.
Since the beginning of May, bitcoin has been losing money, the situation sharply worsened last week after the collapse of the stablecoin UST. Just at that moment, investors, including whales and hodlers, brought the cryptocurrency to the exchanges for its subsequent implementation. The aggravation of volatility and the rollback of BTC provoked a drop in open interest in bitcoin futures.
According to CoinGlass, the amount of open contracts has fallen to $13.76 billion.
A similar situation is observed in the options market, which indicates a decrease in the activity of institutional investors. Open interest in bitcoin options fell to $7.239 billion on May 19.