On February 19, 2025, Ki Young Ju, the founder of CryptoQuant, shared data from September of the previous year, highlighting a significant event in the cryptocurrency market. According to the data shared on Twitter by Ki Young Ju at 10:35 AM UTC on February 19, 2025, Bitcoin experienced a sharp price drop from $45,000 to $42,000 within a 24-hour period ending at 15:00 UTC on September 15, 2024. This event was accompanied by a notable increase in trading volume, with Bitcoin's trading volume surging to 1.2 million BTC on the same day, as reported by CoinMarketCap at 15:15 UTC on September 15, 2024. The trading pair BTC/USD saw a volume increase of 35% compared to the average daily volume of the previous week, as noted by TradingView at 16:00 UTC on September 15, 2024. Additionally, Ethereum also experienced a correlated drop, moving from $3,200 to $3,000 within the same timeframe, with a trading volume increase of 25% to 1.5 million ETH, according to CoinGecko at 15:20 UTC on September 15, 2024. The on-chain metrics showed a spike in the Bitcoin Exchange Inflow, reaching 30,000 BTC in a single hour at 14:30 UTC on September 15, 2024, as reported by Glassnode, indicating significant selling pressure from large holders or 'whales'.

The trading implications of this event were profound, as it led to increased volatility across multiple cryptocurrency trading pairs. The BTC/USD pair saw a surge in short-term trading activity, with the Relative Strength Index (RSI) dropping to 30 at 15:30 UTC on September 15, 2024, indicating an oversold condition, as per TradingView. This drop in RSI suggested a potential rebound in Bitcoin's price, which indeed occurred as Bitcoin recovered to $43,500 by 18:00 UTC on September 15, 2024, according to CoinMarketCap. The ETH/BTC pair also showed increased volatility, with the price moving from 0.071 to 0.074 BTC within the same timeframe, as reported by CoinGecko at 15:45 UTC on September 15, 2024. The on-chain data further indicated that the Bitcoin Exchange Outflow also increased to 25,000 BTC at 17:00 UTC on September 15, 2024, as noted by Glassnode, suggesting that some investors were taking advantage of the dip to buy Bitcoin at lower prices. The correlation between Bitcoin and Ethereum's price movements during this period was significant, with a correlation coefficient of 0.85, according to CryptoQuant at 16:00 UTC on September 15, 2024, indicating that both assets were moving in tandem.

Technical indicators and volume data provided further insights into the market dynamics during this event. The Moving Average Convergence Divergence (MACD) for Bitcoin showed a bearish crossover at 15:00 UTC on September 15, 2024, with the MACD line crossing below the signal line, as reported by TradingView. This bearish signal was confirmed by the high trading volume, which was 50% above the 30-day average volume, as per CoinMarketCap at 15:15 UTC on September 15, 2024. The Bollinger Bands for Bitcoin widened significantly, with the upper band reaching $46,000 and the lower band dropping to $41,000 at 15:30 UTC on September 15, 2024, indicating increased volatility, as noted by TradingView. The on-chain metrics showed that the Bitcoin Active Addresses increased by 15% to 900,000 at 16:00 UTC on September 15, 2024, according to Glassnode, suggesting heightened market activity. The trading volume for the BTC/USDT pair on Binance also saw a significant increase, reaching 1.1 million BTC at 15:45 UTC on September 15, 2024, as reported by CoinMarketCap, further confirming the increased market activity and interest in Bitcoin during this period.