According to data from CoinGlass, the amount of long transactions in the leveraged market is considerably higher than short transactions.
Shorting Bitcoin BTCUSD means borrowing and selling Bitcoin with the expectation that the price will drop. The trader aims to buy back Bitcoin at a lower price, repay the loan and make a profit on the price difference.
The volatility in the leading cryptocurrency wiped out $328 million worth of leveraged transactions from the market in the last 24 hours. Of this figure, $64 million was from long positions and $264 million was from short positions.
