Long Positions for Ethereum Hit New All-Time High on Bitfinex

Long Positions for Ethereum Hit New All-Time High on Bitfinex

  • Ethereum long positions on Bitfinex reached a new all-time high of 1.62 million open contracts, up 3x since the start of 2020.
  • Open contracts accounted for more than $300 million ETH, close to 1.4 percent of ethereum's circulating supply.

Ethereum long positions on the cryptocurrency exchange Bitfinex hit a new all-time high as ETH investors anticipate a bullish market ahead. 

According to a tweet by Brave New Coin contributor Josh Olszewicz, long positions for Ethereum reached a new all-time high on May 12, accounting for more than $308 million and nearly 1.4% of ETH’s circulating supply on the trading platform Bitfinex. The number of open contracts for ether was hovering around 1.62 million, more than three times the number of trading contracts present at the start of 2020. 

new ATH for $ETH longs on BFXnotional nearing another ATH as well, currently around $308m pic.twitter.com/OLzu81Op7a— Josh Olszewicz (@CarpeNoctom) May 13, 2020

Despite ether's price lagging behind bitcoin in the week leading up to Monday’s block reward halving, ETH traders appear to be optimistic about the coin’s outlook. 

Other analysts are predicting the price of the cryptocurrency could meet significant resistance, particularly in light of bitcoin’s failure to sustain a rally in the aftermath of the halving. Popular crypto Twitter uses TraderXO published a tweet on May 12 implying that ETH would find difficulty reaching $210. 

$ETHUSD Can we get a $210 please pic.twitter.com/5DMTEotfBA— TraderXO (@TraderX0X0) May 13, 2020
ETHBTC Looks shyte indeed— TraderXO (@TraderX0X0) May 13, 2020

Featured Image Credit: Photo via Pixabay.com

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