Key Bitcoin price metric at 10 week low after traders close long positions
Bitcoin derivatives data show pro traders increased their short positions in the past three weeks. October has barely started and the price action in the crypto markets has been both exciting and worrisome. Bitcoin (BTC) has seen a strong $10.9K rejection and a quick $10.2K bottom over the past week.The whipsaw price action has been the norm over the past three weeks and is quite gruesome for the bulls and bears. Regardless of the reason behind these moves, the recent newsflow of negative crypto events has clearly spooked investors.In the last two weeks KuCoin was hacked for $150 million,....
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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....
Data shows pro traders opened new leveraged long positions even as Bitcoin price dropped to $45,000 and $5.9 billion in futures contracts were liquidated. In the past 48 hours, Bitcoin's (BTC) price has dropped by $13,360 and more than $2.6 billion worth of futures contracts have been liquidated. When including altcoins, the total sum of liquidations equaled $5.9 billion.After marking a record-high open interest at $19.5 billion on Feb. 21, the metric has stabilized at $16.5 billion. This means that half of the terminated leverage positions have been reopened.According to the top traders'....
Data shows around 300k in ETHUSD long positions have been closed on the Bitfinex Ethereum futures market, something that could provide impedance to the latest rally. Ethereum Long Positions Have Dropped By More Than 300k During The Last Few Days On Bitfinex As pointed out by an analyst in a CryptoQuant post, the past data of the ETHUSD long positions on the crypto exchange Bitfinex would suggest the current pattern may prove to be bearish for the value of the coin. The relevant metric here is the total number of Ethereum long positions (ETHUSD pair) currently open on the Bitfinex exchange.....
Data shows following the crash, Bitcoin funding rates flipped to negative for the first time since September as market sentiment resets. Bitcoin Funding Rates Turn Negative For The First Time Since Late September As per the latest weekly report from Glassnode, market sentiment reset after the latest crash in BTC’s price as funding rates turned negative. The “perpetual funding rate” is an indicator that measures the periodic fee that Bitcoin futures traders have to pay each other to keep their positions. This metric helps us know about which direction leveraged positions....
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....