Bitfinex margin traders added about 209,000 ETH of longs on Oct 7 and 8, roughly $544M. By our math their average entry was near $2,600. ETH trades near $2,535 now, roughly 2.5% under that.
We pulled Bitfinex's hourly position data. Longs sat near 96,000 ETH on Oct 6, climbed hour after hour from early Oct 7 (UTC+8) and peaked near 304,000 ETH on Oct 8. About 20,000 ETH of that closed within two hours around midnight UTC+8, when ETH dropped from about $2,530 to $2,405. The rest hasn't moved since: 283,400 ETH today, the most since August 2022.
The other side is almost empty. Shorts are about 3,500 ETH, so longs outnumber them 80 to 1. In late September shorts were above 73,000 ETH.
Margin longs on one exchange can be hedged somewhere else, so this isn't proof of a straight bet on price. It is about $719M of positions sitting a few percent below where most of it was opened.
The biggest ETH long bet on Bitfinex since 2022 is underwater.
$ETH
#Ethereum #Bitfinex
NFA. DYOR.
We pulled Bitfinex's hourly position data. Longs sat near 96,000 ETH on Oct 6, climbed hour after hour from early Oct 7 (UTC+8) and peaked near 304,000 ETH on Oct 8. About 20,000 ETH of that closed within two hours around midnight UTC+8, when ETH dropped from about $2,530 to $2,405. The rest hasn't moved since: 283,400 ETH today, the most since August 2022.
The other side is almost empty. Shorts are about 3,500 ETH, so longs outnumber them 80 to 1. In late September shorts were above 73,000 ETH.
Margin longs on one exchange can be hedged somewhere else, so this isn't proof of a straight bet on price. It is about $719M of positions sitting a few percent below where most of it was opened.
The biggest ETH long bet on Bitfinex since 2022 is underwater.
$ETH
#Ethereum #Bitfinex
NFA. DYOR.