10x Research: Cryptocurrency market trading volume reached $244 billion in the past 24 hours, the highest since March 6

In its latest report, 10x Research stated that many people attribute the selling of Bitcoin to the unwinding of the yen carry trade, but the reality is much more complex. Since mid-March, Bitcoin has been very fragile, despite a 15% increase in the Nasdaq index and a 10% depreciation of the yen during this period, Bitcoin is still range-bound. Arbitrage trading relies on sustained high rates in the United States, which are unlikely to continue. The game has changed.In the past 24 hours, the trading volume in the cryptocurrency market has reached $244 billion, the highest level since March 6. After reaching a historic high, Bitcoin experienced a lot of intraday liquidation that day. Although we were very bullish in February and early March, we took a cautious stance after a sharp decline because our backtesting indicated that the future market was unpredictable. In hindsight, it was the right decision.As new drivers of asset prices emerge, the financial market is like a puzzle that needs to be reassembled regularly. This is one of those times. Unlike the sharp declines in April and June that were alleviated by increased leverage, this time there may not be such a reversal.