Analyst: Bitcoin fell 16% this week, derivative traders trigger market surrender selling

According to a report by Golden Finance, on June 8th, Darkfost, an on chain analyst, posted that Bitcoin fell 16%, and derivative traders triggered a surrender style sell-off in the market. This week has been particularly difficult for Bitcoin. With a large influx of selling pressure into the derivatives market, this round of adjustment has accelerated rapidly, and market volatility has significantly increased. This week, Bitcoin has fallen by about 16%, indicating that its recent downward momentum is rapidly strengthening. The weak trend this time is mainly driven by the futures market. At present, the trading volume of the Bitcoin futures market has approached 10 times that of the spot market. In this market environment, the flow of derivative funds plays a crucial role in short-term price discovery. On Binance, which currently holds approximately 38% of the total open interest in Bitcoin, selling pressure has significantly intensified this week. Taker Sell orders surged to an unusually high level. The last time Binance experienced such a concentrated sell-off was in early February of this year, when Bitcoin fell below $60000. On Friday alone, the trading volume of Binance futures market was close to $15 billion, which reflects a clear surrender selling trend among market participants. A similar situation was observed throughout the rest of this week, with daily selling volumes remaining between $10 billion and $13 billion, driving Binance's weekly average selling volume from $4.4 billion to nearly $10 billion. The huge selling pressure brought by the derivatives market is one of the main reasons for the significant correction of Bitcoin in the past few days. Meanwhile, US spot Bitcoin ETFs recorded a net outflow of approximately $1.75 billion this week, marking the worst weekly performance since April 2025. Due to the continuous trading volume of the futures market far exceeding that of the spot market, its influence on the price trend of Bitcoin is becoming increasingly significant. Therefore, closely monitoring the behavior of investors in the derivatives market remains an important basis for judging future market fluctuations and trends.