Upward sentiment among margin traders(ETH) seems to have no end in sight. ETH’s long positions at Bitfinex rose 90% in 2020.
In his Tweet On Thursday, Mati Greenspan, founder of Quantum Economics, highlighted the parabolic rise in ETH longs at Bitfinex. Except for a short period in February 2020, trading in long ETH margins on Bitfinex has increased significantly. In April, BeInCrypto reported that the percentage of ETH margin trading on the crypto exchange for derivatives was largely long.
This is the apparent appetite for ETH’s long positions on the crypto derivatives exchange. The decline in February was answered with an upward correction of 600,000 ETH. These long positions have risen by around 150% since March. This increase can be seen despite the events of “Black Thursday” – March 12, 2020 – when the ETH price had a flash crash with a sudden drop of around 50%.
At the other end of the spectrum, short positions have also generally been on the rise since the beginning of the year and peaked on May 10th at 182,465 ETH. However, the TradingView data show a significant decline from this high and fell by around 56,000 ETH, around the same time that long trading increased by another 20,000 ETH.
In the meantime, ETH’s spot price was above $ 200 last Thursday to fully recover from the drop in prices on Black Thursday.
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