{"id":555721,"date":"2023-10-17T15:00:45","date_gmt":"2023-10-17T15:00:45","guid":{"rendered":"https:\/\/wncen.com\/?p=555721"},"modified":"2024-06-11T08:04:30","modified_gmt":"2024-06-11T08:04:30","slug":"analyst-weird-bitcoin-activity-bybit-deribit-flash-surge","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-weird-bitcoin-activity-bybit-deribit-flash-surge\/","title":{"rendered":"Analyst Points Out Weird Bitcoin Activity On Bybit & Deribit Before Flash Surge"},"content":{"rendered":"

An analyst has pointed out how some suspicious Bitcoin buying activity took place on Bybit and Deribit in the leadup to yesterday’s flash surge.<\/p>\n

Bitcoin Taker Buy Sell Ratio Saw Extraordinary Spikes On Bybit & Deribit Yesterday<\/h2>\n

In a new post<\/a> on X, Julio Moreno, head of research at CryptoQuant, discussed how the BTC taker buy-sell ratio looked like for the different exchanges in the market leading up to the surprise rally yesterday.<\/p>\n

The “taker buy sell ratio<\/a>” here refers to an indicator that keeps track of the ratio between the taker buy and taker sell volumes for Bitcoin on any given exchange (or group of platforms).<\/p>\n

Related Reading: Crypto Shorts See Carnage As Bitcoin Surges Towards $28,000<\/a><\/div>\n

When the value of this metric is greater than 1, it means that the taker buy volume is more than the sell volume currently. Such a trend suggests that the investors are willing to pay more to purchase the asset and thus, a bullish sentiment is shared by the majority.<\/p>\n

On the other hand, a value under the threshold implies a bearish mentality is active on the exchange as the traders are willing to sell the asset at a lower price at the moment.<\/p>\n

Now, here is a chart that shows the trend in the 24-day simple moving average (SMA) Bitcoin taker buy-sell ratio over the past few days for four exchanges: Binance<\/a>, OKX, Bybit, and Deribit.<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric was quite high on the bottom two platforms | Source: @jjcmoreno on X<\/a><\/pre>\n
Yesterday, Bitcoin saw a very sharp sudden rally as false news<\/a> broke out that the iShares BTC spot ETF had been approved by the US SEC. This surge, however, retraced in as spectacular a fashion as it had occurred as the market quickly realized that the rumor was without any substance.<\/p>\n
From the chart, it’s visible that all four of these exchanges saw spikes in the taker buy-sell ratio in the hours leading up to this rally. The spikes on Binance and OKX, though, were of pretty normal levels, as spikes of similar scales had occurred in the preceding days as well.<\/p>\n
In the case of Bybit and Deribit, however, the 24-day SMA of the ratio had hit peaks of 41 and 98, respectively, which are both extremely high levels. For comparison, the indicator only hit 1.8 on Binance and 6.3 on OKX.<\/p>\n
Related Reading:  Chainlink Whales Moved Around $150M In LINK Before Latest Surge: Data<\/a><\/div>\n
This would suggest that some really high Bitcoin buying volume was observed on Bybit and Deribit, which was unlike what was seen on other exchanges in the sector.<\/p>\n
It’s unclear what this pattern means, but it’s possible that some users on these platforms had already been tipped on the fake announcement in advance.<\/p>\n
BTC Price<\/h2>\n
Regardless of the quick rally and crash, Bitcoin has enjoyed some upward momentum during the past couple of days as the cryptocurrency’s value has now climbed toward the $28,500 level.<\/p>\n
\"Bitcoin<\/p>\n
The asset has been going up during the past few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
An analyst has pointed out how some suspicious Bitcoin buying activity took place on Bybit and Deribit in the leadup to yesterday’s flash surge. Bitcoin Taker Buy Sell Ratio Saw Extraordinary Spikes On Bybit & Deribit Yesterday In a new post on X, Julio Moreno, head of research at CryptoQuant, discussed how the BTC taker buy-sell ratio looked like for the different exchanges in the market leading up to the surprise rally yesterday. The “taker buy sell ratio” here refers to an indicator that keeps track of the ratio between the taker buy and taker sell volumes for Bitcoin on any given exchange (or group of platforms). Related Reading: Crypto Shorts See Carnage As Bitcoin Surges Towards $28,000 When the value of this metric is greater than 1, it means that the taker buy volume is more than the sell volume currently. Such a trend suggests that the investors are willing to pay more to purchase the asset and thus, a bullish sentiment is shared by the majority. On the other hand, a value under the threshold implies a bearish mentality is active on the exchange as the traders are willing to sell the asset at a lower price at the moment. Now, here is a chart that shows the trend in the 24-day simple moving average (SMA) Bitcoin taker buy-sell ratio over the past few days for four exchanges: Binance, OKX, Bybit, and Deribit. Looks like the value of the metric was quite high on the bottom two platforms | Source: @jjcmoreno on X Yesterday, Bitcoin saw a very sharp sudden rally as false news broke out that the iShares BTC spot ETF had been approved by the US SEC. This surge, however, retraced in as spectacular a fashion as it had occurred as the market quickly realized that the rumor was without any substance. From the chart, it’s visible that all four of these exchanges saw spikes in the taker buy-sell ratio in the hours leading up to this rally. The spikes on Binance and OKX, though, were of pretty normal levels, as spikes of similar scales had occurred in the preceding days as well. In the case of Bybit and Deribit, however, the 24-day SMA of the ratio had hit peaks of 41 and 98, respectively, which are both extremely high levels. For comparison, the indicator only hit 1.8 on Binance and 6.3 on OKX. Related Reading: Chainlink Whales Moved Around $150M In LINK Before Latest Surge: Data This would suggest that some really high Bitcoin buying volume was observed on Bybit and Deribit, which was unlike what was seen on other exchanges in the sector. It’s unclear what this pattern means, but it’s possible that some users on these platforms had already been tipped on the fake announcement in advance. BTC Price Regardless of the quick rally and crash, Bitcoin has enjoyed some upward momentum during the past couple of days as the cryptocurrency’s value has now climbed toward the $28,500 level. The asset has been going up during the past few days | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":555737,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,89669,6481,85374,1119,1144,82819,67895],"class_list":["post-555721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-flash-rally","tag-bitcoin-rally","tag-bitcoin-taker-buy-sell-ratio","tag-btc","tag-btcusd","tag-bybit","tag-deribit"],"acf":[],"yoast_head":"\nAnalyst Points Out Weird Bitcoin Activity On Bybit & Deribit Before Flash Surge<\/title>\n<meta name=\"description\" content=\"An analyst has pointed out how some suspicious Bitcoin buying activity occurred on 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Analyst Points Out Weird Bitcoin Activity On Bybit & Deribit Before Flash Surge","url":"http:\/\/wncen.com\/news\/analyst-weird-bitcoin-activity-bybit-deribit-flash-surge\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/analyst-weird-bitcoin-activity-bybit-deribit-flash-surge\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/iStock-1460700055.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/iStock-1460700055.jpg?fit=2309%2C1299"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin flash rally","bitcoin rally","bitcoin taker buy\/sell ratio","btc","btcusd","bybit","deribit"],"dateCreated":"2023-10-17T15:00:45Z","datePublished":"2023-10-17T15:00:45Z","dateModified":"2024-06-11T08:04:30Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyst Points Out Weird Bitcoin Activity On Bybit & Deribit Before Flash Surge\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/analyst-weird-bitcoin-activity-bybit-deribit-flash-surge\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/analyst-weird-bitcoin-activity-bybit-deribit-flash-surge\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/iStock-1460700055.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/iStock-1460700055.jpg?fit=2309%2C1299\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin flash rally\",\"bitcoin rally\",\"bitcoin taker buy\\\/sell ratio\",\"btc\",\"btcusd\",\"bybit\",\"deribit\"],\"dateCreated\":\"2023-10-17T15:00:45Z\",\"datePublished\":\"2023-10-17T15:00:45Z\",\"dateModified\":\"2024-06-11T08:04:30Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/iStock-1460700055.jpg?fit=2309%2C1299","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/555721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=555721"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/555721\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/555737"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=555721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=555721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=555721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}