CryptoQuant: Bitcoin's decline yesterday was mainly driven by deleveraging in the futures market

Julio Moreno, the head of CryptoQuant research, said, "Bitcoin plummeted to $88,000 yesterday, mainly driven by the deleveraging of the futures market, but spot demand remains strong. As the price drops, the number of open contracts decreases, indicating that long positions in the futures market are being closed. The funding rate also decreased accordingly."