Analyst: Bitcoin Plunged to $88,800 Yesterday as Futures Markets Deleveraged

Julio Moreno, Head of Research at CryptoQuant, said in a post on the X platform, ‘Bitcoin's fall to $88,800 yesterday was largely driven by deleveraging in the futures market, but spot demand remains strong. As the price fell, the number of open positions decreased, suggesting that long positions in the futures market were closed. Funding rates have also declined.’