Ethereum Long Positions Increase 90 Percent on Leading Bitcoin Exchange.
In Thursday’s tweet, Mati Greenspan, founder of Quantum Economics, emphasized the parabolic increase of ETH long positions in Bitfinex. Indeed, except for a short time in February 2020, the long positions opened for estimates on the increase in ETH in Bitfinex increased steeply.
The interest in ETH long positions on the crypto derivative exchange was so high that the February decline was met with an upward correction of 600,000 ETH. Since March, long positions have increased by about 150 percent. The increase continued despite March 12 – “Black Thursday”, when Ethereum price fell by 50 percent.
Ethereum closes losses
In addition, short positions have been rising in general since the beginning of the year – peaking at 182,465 ETH on May 10. However, Tradingview data reports a significant reduction from these high levels, with a decrease of 56,000 ETH. During the same time, long bets increased another 20,000 ETH.Meanwhile, the ETH spot price exceeded the $ 200 level yesterday, closing the “Black Thursday” loss completely. The cryptocurrency, which is in second place according to the market value, is trading at $ 200 level during writing.