Cryptocurrency
2.2% of All Ethereum Is Long on Bitfinex: 3 Reasons Why This Could Go Wrong
As reported on NewsBTC, “Despite the ongoing retracement in the prices of Bitcoin, Ethereum, and other top cryptocurrencies, investors remain highly optimistic about this market. ETH, especially, has benefited from traders, with data from leading crypto exchange Bitfinex indicating that there are more long positions open for Ethereum than ever before. ‘What. Is. Happening. 2.2% of […]
As reported on NewsBTC, “Despite the ongoing retracement in the prices of Bitcoin, Ethereum, and other top cryptocurrencies, investors remain highly optimistic about this market. ETH, especially, has benefited from traders, with data from leading crypto exchange Bitfinex indicating that there are more long positions open for Ethereum than ever before.
‘What. Is. Happening. 2.2% of all ETH in existence is now margin long on Bitfinex, an increase of 160% since ~February,” one trader explained in reference to the chart below.’
Chart of Ethereum longs on Bitfinex (ETHUSD and ETHBTC) from crypto trader Jonny Moe (@JonnyMoeTrades on Twitter).
“Yet there are signs that this investment activity could end poorly for long position holders…”