A view of exchange volume activity during Thursday morning's bitcoin sell-off

Bitcoin experienced one of its largest sell-offs this morning as the prices crashed from roughly $8,000 to $6,000, a low not seen since May 2019. An analysis of exchange volumes can give us some insights into this crash.

For our piece, we examined five of the largest exchanges in The Block 22. As seen in the hourly data below, the crash appeared to have happened at around 10:00 a.m. UTC. From 9:00 a.m. to 10:00 a.m. exchange volumes shot up 1,095%.