ETHUSDSHORTS metric deserves special attention. Its logic is the same as BTCUSDSHORTS from the previous post, but this time it’s about ETH shorts on Bitfinex.
If for #BTC on Bitfinex today shorts are being built up, then for #ETH they are, on the contrary, being actively closed by holders. We see on the chart a complete absorption of the metric’s upward move that was actively underway from September 21–27.
This DOES NOT necessarily mean that Bitfinex “smart money” has bought into the idea of “only going up now.” And overall, this move looks like an anomaly even on the weekly timeframe. Perhaps it’s about one or more large players who changed their plans. And now, even if they don’t expect a serious increase in the asset, at minimum they don’t expect a serious decline either.
By the way, the ETHUSDLONGS metric is also falling today, so the bears who have closed are likely not in a hurry to flip into continuation of the rally. This is more of a “sitting on the fence” position. Meanwhile, ETHUSDLONGS shows a marker of a potential low on its drop today. However, on this metric they work out worse—so it’s worth taking that into account.
If for #BTC on Bitfinex today shorts are being built up, then for #ETH they are, on the contrary, being actively closed by holders. We see on the chart a complete absorption of the metric’s upward move that was actively underway from September 21–27.
This DOES NOT necessarily mean that Bitfinex “smart money” has bought into the idea of “only going up now.” And overall, this move looks like an anomaly even on the weekly timeframe. Perhaps it’s about one or more large players who changed their plans. And now, even if they don’t expect a serious increase in the asset, at minimum they don’t expect a serious decline either.
By the way, the ETHUSDLONGS metric is also falling today, so the bears who have closed are likely not in a hurry to flip into continuation of the rally. This is more of a “sitting on the fence” position. Meanwhile, ETHUSDLONGS shows a marker of a potential low on its drop today. However, on this metric they work out worse—so it’s worth taking that into account.
