Double-digit decrease in prices for BTC and ETH; Celsius halting withdrawals!
Key takeaways of last week:?
After a brief break where BTC and ETH ended the previous week on a higher note, prices started decreasing again with BTC down 11.7% and ETH losing 20%. Both BTC and ETH are down more than 50% this year and the lows reached have not been seen since December 2020. Due to these “extreme market conditions”, major crypto lender Celsius has halted withdrawals, fuelling fears it becomes insolvent and causing more panic in the markets.
We witnessed last week a significant decrease in Coinbase-Pro’s turnover market share for BTC trading, which resulted in a much more fragmented market between the major exchanges. On the other hand, Coinbase-Pro kept its consequent market share for ETH trading.
On June 6th, around 11:42 AM, more than $8M of aggressive selling orders for BTC-USD on Coinbase-Pro caused prices on the exchange to deviate by more than $300 (120bps) from the average price on other exchanges before quickly reaching an equilibrium.
On June 11th, around 11:56 AM, BTC-USD price on Gemini deviated from other exchanges by more than 100bps, this was accompanied by around $2.4M of buy orders sent on the exchange within 5 seconds to act on this arbitrage opportunity.
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