The bullish sentiment among Ethereum
Tweeting on Thursday, Mati Greenspan, founder of Quantum Economics, highlighted the parabolic increase in ETH longs on Bitfinex. Indeed, except for a brief period in February 2020, long bets on ETH margin trading on Bitfinex have risen in steep increments. Back in April, BeInCrypto reported ETH margin trading on the crypto derivatives exchange was overwhelmingly long.
Source: Twitter
Such is the apparent appetite for ETH long positions on the crypto derivatives exchange that the February decline was met with a 600,000 ETH upward correction. Since March, these long positions are up by about 150%. This increase is despite the events of “Black Thursday” — March 12, 2020 — when the price of ETH flash crashed by about 50%.
On the other end of the spectrum, short positions are also generally on the rise since the start of the year, peaking at 182,465 ETH on May 10. However, data from TradingView shows a significant decline from this high, falling by about 56,000 ETH around the same time as long bets increased by a further 20,000 ETH.
Source: TradingView
Meanwhile, the spot ETH price broke past $200 earlier on Thursday in a complete recovery from its Black Thursday price decline.
Do you want to Be In Crypto?
Join our Telegram Trading Group for FREE Trading Signals,a FREE Trading Course for Beginners and Advanced Traders
and a lot of fun!
Images courtesy of Shutterstock, Trading View and Twitter.
