Data shows derivatives had little to do with Bitcoin's drop to $29K

After a brief recovery to $41,000 on June 14, (BTC) investors might have thought that the bear market was finally over. After all, it was the highest level since May 21 and the date that MicroStrategy (MSTR) announced a successful $500 million debt offering.

The funds are usually available in one or two business days, and the proceeds would be used to acquire even more Bitcoin for the business intelligence company's balance sheet. MicroStrategy followed this fund-raise with another surprise filing to sell up to $1 billion of its stock to buy even more Bitcoin.

Huobi 3-month Bitcoin futures basis. Source: Skew
Derivatives exchanges' top traders long-to-short ratio. Source: Bybt
Aggregate futures liquidations (longs in red). Source. Coinalyze.net