Wintermute's Short Positions Spark Weekend Crypto Sell-Off

Bitcoin's price plummeted to $75,500 over the weekend, failing to hold above $77,000. This sudden drop was accompanied by a decline in most large altcoins, which had shown stronger performance on Friday and Saturday.

The unusual volatility coincided with reports that market maker Wintermute went short on several fronts. This suggests that market-maker shorting may have amplified downward pressure on crypto prices.

The 24-hour spot volume saw a significant drop of 30.8% to $36.98 billion, while the total market capitalization rose by 0.34% to $2.72 trillion.