Bitfinex traders now hold 367,500 ETH in margin longs, about $889M at $2,420. That is the most since August 2022. On Oct 1 the figure was 94,100.
About 271,600 ETH of it went on after Oct 6, most of it on Oct 7 and 8 as ETH slid from $2,700 toward $2,400. We weighted each hourly increase by that hour's price, and the new longs come out at around $2,560 on average. With ETH near $2,420, that puts them roughly 5.5%, or about $38M, in the red by our estimate. Shorts on the same market are only about 9,000 ETH, so longs outnumber them 41 to 1.
The last build this size came in June 2022. Longs grew from about 169,000 to 499,000 ETH by July 2, at an average near $1,350 by the same math. ETH then dropped to $905, 33% under that entry, and only closed back above it on July 16, about six weeks after the buying began. Most of those longs were closed in early August near $1,700.
Margin longs can be one leg of a hedge elsewhere, so the count shows positioning only. In 2022 the same kind of build sat red for six weeks before it paid.
$ETH
#Ethereum #Bitfinex
NFA. DYOR.
About 271,600 ETH of it went on after Oct 6, most of it on Oct 7 and 8 as ETH slid from $2,700 toward $2,400. We weighted each hourly increase by that hour's price, and the new longs come out at around $2,560 on average. With ETH near $2,420, that puts them roughly 5.5%, or about $38M, in the red by our estimate. Shorts on the same market are only about 9,000 ETH, so longs outnumber them 41 to 1.
The last build this size came in June 2022. Longs grew from about 169,000 to 499,000 ETH by July 2, at an average near $1,350 by the same math. ETH then dropped to $905, 33% under that entry, and only closed back above it on July 16, about six weeks after the buying began. Most of those longs were closed in early August near $1,700.
Margin longs can be one leg of a hedge elsewhere, so the count shows positioning only. In 2022 the same kind of build sat red for six weeks before it paid.
$ETH
#Ethereum #Bitfinex
NFA. DYOR.