Since the joint U.S.-Japan intervention, hedge funds have closed nearly 50% of their yen short positions.
Bitcoin ($BTC ) saw its short positions fall 6.5%, to 59,526 contracts, in the week that ended on August 11—more than half since the joint U.S.-Japan intervention at the start of this month. Now, two forces are working against it.
The first is Tokyo. The yen slid to 159.35, giving back half of the intervention’s gains and moving closer to the levels hit in the last intervention. $TUT
Another intervention could occur at any moment, and any short seller would be immediately affected. The second possibility is the Bank of Japan.
According to Polymarket, the probability of a rate hike in September by the Bank of Japan jumped from 22% two weeks ago to 81%. Higher interest rates make holding yen more attractive and short selling more costly. $GPS
#Japan #BitcoinHoldsNear$63500 #IeneJapones #ChinaJulyOutputRetailInvestmentAllMiss #CMESeptemberHikeOddsFallTo30.6%
Bitcoin ($BTC ) saw its short positions fall 6.5%, to 59,526 contracts, in the week that ended on August 11—more than half since the joint U.S.-Japan intervention at the start of this month. Now, two forces are working against it.
The first is Tokyo. The yen slid to 159.35, giving back half of the intervention’s gains and moving closer to the levels hit in the last intervention. $TUT
Another intervention could occur at any moment, and any short seller would be immediately affected. The second possibility is the Bank of Japan.
According to Polymarket, the probability of a rate hike in September by the Bank of Japan jumped from 22% two weeks ago to 81%. Higher interest rates make holding yen more attractive and short selling more costly. $GPS
#Japan #BitcoinHoldsNear$63500 #IeneJapones #ChinaJulyOutputRetailInvestmentAllMiss #CMESeptemberHikeOddsFallTo30.6%