Key Bitcoin price metric shows pro traders increased their BTC longs
Data shows pro traders increased leveraged long positions even as the Bitcoin price traded in a tight range this week. Bitcoin (BTC) might have been ranging from $57,000 to $59,500 over the last couple of days, but the top traders at major exchanges have increased their long positions. A similar move also happened in the monthly futures contracts, as the basis rate has increased.Bitcoin price at Coinbase, USD. Source: TradingViewAfter marking a $61,750 all-time high on March 13, Bitcoin has been trying to find new support levels. Although BTC initially held ground at $54,000, there....
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Derivatives data shows Bitcoin whales added to their leveraged positions after BTC price topped out at $42,600. Bitcoin (BTC) might have failed to sustain the $42,000 support, and for many, this is a slightly bearish sign. Interestingly, the downward move occurred shortly after Saudi Aramco, KSA's largest oil exporter, denied claiming to start mining Bitcoin.Top traders at exchanges seized the opportunity to add leverage-long positions, a clear bullishness indicator. Furthermore, margin traders have been increasing their stablecoin borrowing, indicating that whales and professional traders....
On-chain data shows the Bitcoin funding rates have now hit a 6-month high, something that could lead to a long squeeze in the market. Bitcoin Funding Rates Currently Have A Highly Positive Value As pointed out by an analyst in a CryptoQuant post, BTC funding rates have surged up to the highest for the last six months. The “funding rate” is an indicator that measures the periodic fee that traders in the Bitcoin futures market have to pay each other. When the value of this metric is greater than zero, it means long traders are paying shorts to hold onto their positions right now.....
Data shows Bitcoin funding rates right now are at the same level as they were in early September. This means the coin may see another flush out similar to how it happened back then. Bitcoin Funding Rates Float Around Similar Levels To Early September As per this week’s on-chain report from Glassnode, the BTC futures perpetual funding rate of all exchanges is currently at the level similar to what it was back in early September before the crash. The “funding rates” is an indicator that shows the premium that traders have to pay each other while holding on to their....
Longs have been paying the price since early December, data shows, in a sign that accompanied a market reversal several times last year. Bitcoin (BTC) has dealt significant pain to bulls in recent weeks, and now, fresh data shows just how much.In a tweet on Jan. 10, on-chain analytics firm Glassnode revealed that those longing BTC had suffered a rerun of last May, when BTC/USD began to fall toward $30,000.Long traders fail to “catch the knife”According to Glassnode’s Longs Liquidations Dominance metric, the “majority” of liquidations over the new year involved longs.This is unsurprising,....