The long-to-short ratio of leveraged traders at Bitfinex just soared to a new all-time high! noshitcoins explains why this is not necessarily a bullish event.
Sept. 12 will leave a mark that will probably stick for quite a while. Traders at the Bitfinex exchange vastly reduced their leveraged bearish Bitcoin bets and the absence of demand for shorts could have been caused by the expectation of cool inflation data.
Pinpointing the market downturn to a single inflationary metric would be naive. A Bank of America survey with global fund managers had 62% of respondentsthat a recession is likely, which is the highest estimate since May 2020. The research paper collected data on the week of Sept. 8 and was led by strategist Michael Hartnett.
As the above chart indicates, on Sept. 12, the number of BTC/USD long margin contracts outpaced shorts by 86 times, at 104,000 BTC. For reference, the last time this indicator flipped above 75, and favored longs, was on Nov. 9, 2021. Unfortunately, for bulls, the result benefited bears as Bitcoin nosedived 18% over the next 10 days.To understand how bullish or bearish professional traders are positioned, one should analyze the futures basis rate.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Gold, silver climb as dollar falls to 2-week lowGold is trading at its highest level in two weeks, while silver has reached its strongest level in a month.
Leer más »
Ether Lags Bitcoin As Ethereum Merge Nears. Here is Why?Ether's recent underperformance stems from traders rotating money out of ETH and into bitcoin, as well as caution ahead of the Merge. By godbole17
Leer más »
Suggestions That Bitcoin Halving Might Come Sooner Are Mostly WrongCan a jump in hashrate push the Bitcoin halving from 2024 to 2023 as some are claiming? FrederickMunawa reports
Leer más »
China's Tourism Revenue Came in at 60% of Pre-Covid Levels This Holiday WeekendNational tourism revenue for the latest long-weekend holiday reached only 60.6% of 2019 levels, according to China’ Ministry of Culture and Tourism.
Leer más »
CDC warns about enterovirus in kids — and risk of rare paralysisThe Centers for Disease Control and Prevention is now urging doctors to be vigilant for a renewed wave of enterovirus D68, or EV-D68 — a viral infection in children that can cause a rare kind of paralysis.
Leer más »