Long ETH Bitfinex ...

Long positions on ETH Bitfinex exceeded 95%, the market is set for growth
CONTENT

  • ETH short / long ratio stays above 90%

  • Traders are optimistic, but market conditions are alarming

  • Whales are preparing to sell ETH, this could crash the market

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Long ETH Bitfinex ...

Ethereum (ETH) long margin positions hold above 90% in 2020, indicating continued optimism from traders

Longs for ETH have not yet been transferred to the market

Even after the massive sell-off of cryptocurrencies in September, margin traders continue to hold long positions, the cumulative volume of which has reached 95%.

ETH has had a successful year despite the pandemic and other turmoil. The number of active addresses on the Ethereum blockchain is growing steadily. This is mainly due to the growing interest in the decentralized finance (DeFi) segment..

Long ETH Bitfinex ...

In addition, in 2020, investor interest in the cryptocurrency derivatives market has noticeably increased. Here, open interest and trading volume for ETH futures on some exchanges approached record levels.

Since the beginning of the second quarter, trading activity in the options market has been steadily renewing highs. Not surprisingly, ETH is performing well since the start of the year. ETH / USD has settled at $ 345 so far, nearly $ 100 above the initial breakout level of $ 250.

Market uncertainty may undercut longs

Long positions in leveraged ETH options have skyrocketed on Bitfinex. In May, BeInCrypto’s editors reported that margin trading in cryptocurrency derivatives was dangerously bogged down in long positions.

Given that longs for ETH have exceeded 95%, it can be assumed that investors are still showing a consistently bullish attitude towards the second largest coin by market capitalization. Until recently, the bias in positioning on Bitfinex served as a great leading indicator of the upcoming rally..

Perhaps this time it will be different? Will the market go against margin traders’ predictions?

What happens when long / short ratio gets as close to 100% as it’s humanely possible? It looks like ETH margin traders are about to give us an answer to this very exciting question.https: //t.co/42cq2g0kR9 pic.twitter.com/nFqxCFsOuv

– Joe007 signals alerts funds are scams, all of them (@ J0E007) September 9, 2020

Long ETH Bitfinex ...

The alarm bell rang on September 9 when a large ETH whale made an impressive transfer. According to the WhaleBot Alerts service, someone sent about 100 thousand coins worth about $ 34 million from the unknown to the wallet of the OKEx cryptocurrency exchange.

pic.twitter.com/ZlzIUkTz6j

– starbust (@inversebrah) September 9, 2020

If holders are ready to change their attitude towards Ethereum, then the trend in the spot market can sharply change direction and provoke a massive liquidation of margin positions.

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