Bloomberg: The significant volatility in the Asian cryptocurrency market may be due to algorithms tracking the flow of funds in Bitcoin spot ETFs
Bitget2024/04/03 03:06
By:Bitget
In the Asian market,
Bitcoin investors are facing significant fluctuations, possibly due to automated trading protocols responding to fund flow data of US ETFs holding cryptocurrencies.
After the close of the U.S. stock market in Asian hours, daily demand level data for these Bitcoin spot ETFs spread throughout the
cryptocurrency market. On Tuesday, when data showed that investors were withdrawing funds, Bitcoin experienced its largest drop within a month.
Shiliang Tang, president of Arbelos
Markets said: "From an algorithmic trading perspective, robots can automatically crawl and trade based on this data; it seems that this is what's happening now."
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