The May Crypto Sell-off Predominantly Occurred in the US Session
Crypto

The May Crypto Sell-off Predominantly Occurred in the US Session

Crypto – The price of Bitcoin is now fluctuating by a few thousand dollars in a ‘crab’ pattern, but remains range-bound between $30k and $40k.

After climbing 1,610 percent from the March low to the mid-April all-time high, the sideways trade is projected to continue for months, with a trend up if the bull market is intact and down if we are in a bear market.

It remains to be seen how this cycle will play out, with new retail, institutions, organizations, and even governments getting engaged in Bitcoin this time.

However, for the time being, activity is waning this month.

May was a record month in several ways, including volume and fees. However, the month finished with BTC dropping below $30,000 and $28,000 on certain exchanges, wiping away more than a trillion dollars from the market. Ether, on the other hand, fell from a high of $4,375 just over 10 days ago to $1,725 today.

The most selling took place during the US session during the May sell-off.

People aren’t really going back into the market yet, despite the fact that most of the gains achieved in 2021 have been wiped out, which some believe might be a work-related version of the “sell in May and go away” scenario.

As a result, volume on exchanges has decreased significantly in recent weeks. On June 12th, daily exchange volume (7DMA) fell to $41.44 billion, down from an all-time high of $89.69 billion on May 26th.

Even the number of new followers on major exchanges has plummeted. NFT trading has also decreased significantly, although it remains a considerably larger market than last year.

Similarly to the spot market, the total volume in the futures market has been $670 billion in almost two weeks; last month, the entire futures volume was 2.56 trillion.

In the futures market, the premium has also plummeted. The annualized base of funding rates has slipped into the negative region; just last month, it was 40.71 percent.

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