BitMEX sold $190 million worth of BTC derivatives in one day.

   Yesterday, derivatives worth more than $190 million were sold on the BitMEX crypt currency derivatives exchange. Bitcoin options on OKEX showed an increase in contingent volume to $15 million.

Yesterday's bitcoin decline accelerated after BitMEX traders massively closed their positions on BTC. According to Skew, a data analyst provider, on February 26, BitMEX made deals for about $6.1 million for buy and $190 million &#8212 for sell.

Starting from 17:00 Moscow time, the BTC price started falling below $9,000. An hour later, BitMEX closed its largest positions since the beginning of the year.

Activity in the derivatives market secondary to sales in the spot market of cryptovoltaic currency, when the BTC price fell by more than 6% to a low of $8,675. Amid global tensions due to coronavirus outbreak, traditional markets are also in turmoil, with the major stock indices — S&P500 and Dow Jones Industrial falling by more than 7% over the week.

At the same time, bitcoin options on OKEX, another popular exchange for crypt-currency derivatives, showed the largest growth in notional volume in its history, exceeding $15 million.

Contingent volume — this is the value of the underlying asset on the derivatives market. It can be the total value of the position, the value controlled by the position, or the agreed amount in the contract. When a price decline is accompanied by a large notional volume, it usually signals that the bears are active in the market.

The price of the bitcoin may also have been affected by SEC actions. This week, the Commission once again rejected an ETF bid for the bitcoin from NYSE Arca and Wilshire Phoenix. SEC Commissioner Hester Pierce criticized the agency for not keeping up with the times.