ETH leveraged long positions on Bitfinex have climbed to nearly four times their level at the start of the month.
According to Bitfinex’s public data, ETH long positions there stood at around 94,000 on October 1. They’re now at about 368,000—the highest level since August 2022.
At a price of around $2,420, that’s close to $900 million in total.
Over the same period, ETH fell from around $2,700 to just above $2,400, a drop of more than 10%.
On October 7, ETH fell 4.6% in a single day, and long positions there increased by about 150,000 that day.
Many traders have long treated Bitfinex’s leveraged funds as a barometer of what big players are doing. This time, they’ve clearly been adding to their positions as prices fall.
My take is that this buying pressure is bullish, but it’s leveraged.
If prices stabilize, it could provide support.
But if ETH breaks below its previous low, these long positions could also become fuel for a cascade of stop-losses.
Next, watch how risk sentiment develops after the U.S. stock market opens on Monday, and whether ETH can hold above its October 15 low of $2,318.
$ETH
#以太坊 #CryptoMarket
According to Bitfinex’s public data, ETH long positions there stood at around 94,000 on October 1. They’re now at about 368,000—the highest level since August 2022.
At a price of around $2,420, that’s close to $900 million in total.
Over the same period, ETH fell from around $2,700 to just above $2,400, a drop of more than 10%.
On October 7, ETH fell 4.6% in a single day, and long positions there increased by about 150,000 that day.
Many traders have long treated Bitfinex’s leveraged funds as a barometer of what big players are doing. This time, they’ve clearly been adding to their positions as prices fall.
My take is that this buying pressure is bullish, but it’s leveraged.
If prices stabilize, it could provide support.
But if ETH breaks below its previous low, these long positions could also become fuel for a cascade of stop-losses.
Next, watch how risk sentiment develops after the U.S. stock market opens on Monday, and whether ETH can hold above its October 15 low of $2,318.
$ETH
#以太坊 #CryptoMarket