Market Analysis

Bitcoin, Ethereum Shorts Near All Time High With ◊70,000 Added

from Trust Nodes 5 years ago 0 0 781

Ethereum shorts have made the biggest daily green candle ever this Wednesday with 70,000 eth, worth more than $15 million, added in the past 24 hours.

The weekly shorts candle, in addition, is the biggest ever by far with many traders seemingly betting during the past 24 hours that eth has more to go down.

Whether they are right, remains to be seen, with a margin calls cascade now potentially on the table. Longs, on the other hand, have seen one of their biggest red candle.

Down from all-time high, some 70,000 eth longs have been called in the past 24 hours, making many lose plenty.

Longs and shorts are not quite the same, but as far as the above is concerned, the end results are pretty much identical in as far as both longs and shorts have sold ◊70,000.

That means at least ◊140,000 has been sold in the past 24 hours by only margin traders on Bitfinex. Plenty more have been sold by others.

Dai traders, for example, have seen quite a brutal day with at least $9 million worth of eth called as its market cap falls to $41 million.

That makes it the biggest one day drop ever for the still very new stable currency, yet one dai remains precisely one dollar (and a penny).

Bitcoin longs have not seen much movement with about ₿3,000 called, but shorts are up and up with ₿7,000 added in the past 24 hours.

On weekly candles, shorts are now practically at all time high, with ₿38,000, worth nearly a quarter of a billion, betting btc has more down to go.

Whether they are right remains to be seen as summer starts giving way to autumn, but it may be now the tables are turned as far as margin calls are concerned with bitcoin borrowing most likely getting quite expensive on finex.

Yet it may well be that Wall Street bankers have more to go in shorting this all, although whether fake futures have any effect isn’t very clear, with miners in bitcoin probably more worthy of blame as they keep selling to add more and more hash and consume more and more global energy to no end.

Until of course the halving when their revenue is cut by the rules of code, but some of them may well go bankrupt before hand, if many of them are not bankrupt already.