Researchers documented an unusual concentration of crypto perpetual futures trading during the first seconds of each 15-minute interval. Across six assets (Bitcoin, Ethereum, XRP, Solana, Dogecoin, and Cardano) studied between January 2021 and October 2024, the first ten seconds of each quarter-hour contained 26% more trades, 32% more dollar volume, and 26% larger absolute returns. Bitcoin averaged 1.54 million daily trades and $14.58 billion in contract volume, while Cardano reached roughly 290,000 trades and $544 million with the same pulse pattern. Although a forecasting model chose the correct direction 56.6% of the time, the average gross return of 0.51 basis points per trade falls far below Binance’s trading fees (5 basis points for a taker), making the strategy unprofitable for ordinary traders.
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