1. Stop at 24200, pressure plate starts on Monday night

Starting this Monday, the market has just digested the "terror" brought by last Friday's non-farm data, and is now shrouded in the next "terror" - the release of July CPI.

Especially after BTC broke through 23800, large holders began to sell off or create pressure.

The most obvious is the OKX BTC spot, where we updated the super large holder pressure on Monday - there is a nearly 1000 BTC super large sell order at 24200, with a total value of over 20 million US dollars.

Binance BTC spot directly executed several large sell orders:

In terms of contracts, Binance and OKX BTC/USD have sporadic large sell-offs around 1 am on the 9th:

2. Main force continues to pressure plate

Affected by the downward pressure of the spot market breaking through 23.8k, Binance and OKX BTC/USD quarterly contracts began to hang up large sell orders to pressure the plate on the evening of the 9th.

Starting from 17:30 on the 9th, the orders on Binance's quarterly contracts were very regular, with the order amounts around 2.36 million, a total of 8 orders, with a total order amount of 19.43 million US dollars:

OKX BTC/USD quarterly contracts started a bit later, with a total of 11 orders, totaling 35.53 million US dollars, including a super large sell order of 18 million.

3. Two bottom explorations, spot buying

Under continued pressure, there were two deep explorations on the evening of the 9th and the morning of the 10th. During these two explorations, large holders on multiple platforms (Binance, CB, OK, and BFX) placed buy orders.

Among them, Binance BTC.USDT accumulated large buy orders totaling 35.51 million US dollars from 21:45 on the 9th to 08:40 on the 10th:

4. Upward movement begins, quarterly large holders withdraw sell orders

When the spot orders were almost filled, the quarterly orders began to be withdrawn.

The first to withdraw were some small and large holders of OKX BTC/USD quarterly contracts, who had already withdrawn their orders during the first exploration. The 18 million super large order was halved around 10:00 on the 9th and completely withdrawn around 16:00 on the 10th.

The pressure orders on Binance BTC/USD quarterly contracts were almost simultaneously withdrawn around 10:10 on the 10th:

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